Business Today – 01 March 2026 – Business Today (1)

That it is taking the target seriously is apparent from the 30% increase in allocation for renewable energy in the recently tabled Union Budget 2026-27 compared to FY26 revised estimates. But like most great stories, this one is also fraught with obstacles; this time, it’s the volatility in metal prices.

Some metals—notably silver, but also copper—are key inputs in photovoltaic (PV) cells, used to generate solar power. This is how it works: silver is converted into a paste and then loaded on a silicon wafer. When light strikes the silicon, it liberates electrons, and sil- ver carries the generated electricity for immediate use or storage. Alongside silver, metals such as copper and alu- minium are used in wiring, busbars, connectors, and module frames.

Utility scale solar manufacturing requires around three tonnes copper per MW capac- ity while onshore wind generation needs four tonnes per MW. However, the sharp rise in silver and copper prices over the last few quarters are creating cost and supply headwinds for solar photovoltaic (PV) cell and mod- ule manufacturers. Silver has seen a record rally of 200% in the past 12 months.

It has risen from around `60,000 to nearly `4,00,000 per kg. Copper has seen more than 45% jump in prices in the domestic market. The current raw material environment has reinforced the solar industry’s focus on operational efficiency, disciplined sourcing, and technology-led optimisa- tion, rather than reactive pricing adjustments. Demand to remain high as solar scales up Solar accounts for the highest demand for copper in the renewable power sector EVs are the second-largest demand drivers (till Dec 31, 2025) 80.5 12.76 12.78 15.05 23.83 30.16 89.8 27.6 196.2 79.4 160.5 111.7 42.6 8.7 2021-22 2022-23 2023-24 2024-25 2025-26 Solar is set to be the largest contributor to India’s 500GW non-fossil fuel energy target by 2030 Solar capacity addition in GW Business Today 1 March 2026 | 55 Photovoltaics account for over 30% of global silver demand, making the sector sensitive to price move- ments in the white metal.

Copper has wider use in so- lar module manufacturing and wind energy with solar accounting for 51% demand in FY25 compared to 30% in FY23, according to the International Copper Asso- ciation India. Even though prices of both these metals have dropped this month, the mood of the industry is sombre. “Silver paste typically represents 10-15% of pho- tovoltaic cell manufacturing costs, and sustained in- creases can place pressure on margins and near-term project economics across the value chain,” Gagan Cha- nana, Joint MD & CEO of solar panel manufacturer Jakson Solar Modules and Cells, tells Business Today.

Solar is set to be the largest contributor to India’s 500GW non-fossil fuel energy target by 2030 with a total capacity of 300GW compared to 135 GW at pres- ent. Wind energy is set to double by 2030 from 54GW at present.

ince January 1, 1995, when India became a founding member of the World Trade Organization, six years ahead of China, international trade has rarely felt as central to its growth story as it did in the seven days from January 27 to February 2. Three big events occurred in that short time frame.

First came the India–EU trade pact, described by Commerce Minister Piyush Goyal as the “mother of all trade deals”, a term later echoed by EU Chief Ursula von der Leyen at Davos. Then came President Donald Trump’s announcement at the same venue of a US–India pact that would ease the tariff squeeze he had imposed on India and lift the pressure off Indian exporters. And in the middle was the Union Budget 2026–27, Nirmala Sitharaman’s ninth, one that seeks to keep the growth engine chugging along.

Put together, these are not just feel-good headlines. The deals will shape the future of India’s engagement with the world and mark a new chapter in Prime Minister Narendra Modi’s external trade policy framework. That they come at a time when globalisation is no longer a consensus, and the continuing shock waves of artificial intelligence threaten to upend export-engines like software services, underscore their importance. As Surabhi explains in the cover story, the agreement with the US matters the most because it is a reset of India’s most strategic bilateral relationship.

It may not be a full free trade agreement yet; it is a framework, non-binding as of now, with conditions and caveats. But it is a bargain, somewhat uneven, that provides market access to the US and reduces penal tariffs on India. One sticking point is the US claim around Russian crude oil.

President Trump’s statement is explicit with its demands on this, while India is hedging to protect its energy security. The other is the claim that India will address non-tariff barriers in priority areas This is where the art of the deal matters. New Delhi held its ground, and Washington, at least on paper, appeared to blink. PM Modi’s chosen team in the commerce ministry, led by Goyal, negotiated hard.

This is a short excerpt from the opening of “” by Unknown, quoted for review and introduction purposes. All rights belong to the copyright holders.

Book Information

• Unique ID: edf9f2d368302711
• File Extension: .pdf
• File Size: 57,361,926 bytes (54.705 MB)
• Title: –
• Author: Unknown
• Pages: 121
• Language: English (en)

Reading & Word Statistics

• Estimated Reading Time: 150.58 minutes
• Total Words: 30,116
• Total Characters: 193,732
• Average Words per Page: 248.89
• Average Characters per Page: 1601.09

Most Frequent Words

india (205), says (137), trade (101), business (97), today (92), growth (88), march (83), silver (78), india’s (75), market (69), companies (59), solar (58), gold (57), indian (53), work (53), also (53), billion (52), demand (50), world (49), one (49), time (48), like (48), gig (48), now (47), economy (46), performance (45), global (44), ing (44), years (43), new (39), deal (38), million (37), economic (36), corporate (36), crore (36), deals (34), budget (34), first (33), real (33), stores (33), workers (33), dark (33), across (32), around (32), tariff (31), tariffs (31), commerce (29), industry (29), two (29), tax (29), even (29), high (29), year (29), ceo (29), access (28), products (28), impact (28), rate (27), goods (27), glp (26), scale (26), energy (25), exports (25), people (25), services (24), total (24), said (24), minister (23), platforms (23), price (23), copper (23), obesity (23), dubai (23), chief (22), digital (22), data (22), source (22), including (22), quick (22), prices (21), next (21), manufacturing (21), key (21), say (21), last (21), expected (21), per (21), power (21), delivery (21), therapies (21), organisations (20), rather (20), government (20), risk (20), costs (20), according (20), hepburn (20), com (19), term (19), union (19).

PDF Download