Indian solar enters a new phase

India’s solar sector is moving from headline growth to a more complex phase where record installation volumes, burgeoning domestic module capacity, and emerging trade frictions interact. In the first half of 2025, S&P Global’s Baldesh Singh observed a step-change in deployment: solar dominated renewable additions and helped push clean generation to new heights. While the sector continues to grow, the same export and trade dynamics that were previously advantageous for manufacturers now pose near-term risks to merchant revenues, global market access, and long-term project economics.