India's Solar Manufacturing Excesses Turn a Boom into a Glut

Takeaway is that India currently has 154.4GW/year of solar manufacturing capacity, 3x the country's current annual demand.

"The problem is that India’s demand hasn’t kept pace. Granted, domestic consumption is increasing — the nation installed a record 38 gigawatts of solar power in 2025, according to official data, about 53 gigawatts in DC terms. That would still be dwarfed by manufacturing capacity of about 154 gigawatts at the end of the year."