New Delhi, Sept. 1 -- India's solar PV manufacturing capacity has surged, with domestic module capacity reaching around 233 GW by June 2026, but growing overcapacity risks persist as upstream segments such as cells, wafers and polysilicon remain underdeveloped, according to Institute for Energy Economics and Financial Analysis (IEEFA).

India has shifted from near-total reliance on imported solar PVs to becoming a major global manufacturing hub, though capacity growth remains concentrated in module assembly, creating imbalances across the value chain.

Solar Module Capacity Surges, Raising Overcapacity Risks

Around 135 GW of additional module capacity is backed by firm investment commitments, raising concerns over excess capacity. Curren...