Page 22 - Policy Economic Report - October 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

? Top 5 export destinations, in terms of change in value, exhibiting growth in September 2025 vis
a vis September 2024 are UAE (24.33%), Spain (150.81%), China (34.18%), Bangladesh (23.06%)
and Egypt (67.29%).

? Top 5 export destinations, in terms of change in value, exhibiting growth in April-September
2025 vis a vis April-September 2024 are USA (13.37%), UAE (9.39%), China (21.96%), Spain
(40.33%) and Hong Kong (23.53%).

? Top 5 import sources, in terms of change in value, exhibiting growth in September 2025 vis a vis
September 2024 are Switzerland (254.57%), UAE (32.83%), China (16.35%), Saudi Arab (18.86%)
and Nigeria (896.11%).

? Top 5 import sources, in terms of change in value, exhibiting growth in April-September 2025 vis
a vis April-September 2024 are China (11.25%), UAE (13.22%), Ireland (200.09%), USA (9.03%)
and Hong Kong (19.99%).

6. India to remain key global wind power export hub through 2030

India is gearing up to anchor the global wind manufacturing landscape by 2030, driven by a strong
mix of domestic firms, Western original equipment manufacturers (OEMs), and a growing presence
of Chinese players. The International Energy Agency (IEA) projects that India will remain a major
export hub for onshore wind components, underscoring the country’s expanding role in the global
renewable energy supply chain.

According to IEA, since 2023, the share of Western OEMs in the domestic market has declined
sharply – from over 50 per cent on average between 2018 and 2022 to below 5 per cent – as their
focus shifted to core US and European markets. This has left several gigawatts of manufacturing
capacity underutilized and oriented towards exports. At the same time, Indian and Chinese
manufacturers are planning expansions.

India has become a significant global hub for wind turbine manufacturing, with over 20GW of
capacity serving both domestic and international markets. The country has established a strong
supplier network for both major components like nacelles, blades, and towers (Tier 1), and smaller
components like gearboxes, generators, and converters (Tier 2). This is attributed to expanding
capacities, a skilled workforce, and a focus on global competitiveness, according to Global Wind
Energy Council (GWEC).

India stands at the threshold of becoming a global hub for wind manufacturing — where localisation
goes beyond producing turbines and supply chain components for the domestic market. The focus is
now on building global competitiveness through advanced capabilities, a skilled workforce, and
strong local supply chains.

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