Ratings agency ICRA has reported that Indian solar manufacturing has reached 60 GW of production capacity in the module segment. Moreover, where the 10 GW the country had in 2021 was all obsolete multi-crystalline technology, the new fleet includes Mono PERC, and even some TOPCon and heterojunction. When seeing such a large figure for modules, we immediately believe it because of the four main sections of the solar supply chain, modules are the cheapest (accounting for only around 10% of the full supply chain’s upfront investment cost) and most technologically simple. For the same reason, we attempt to address what’s going on upstream, in cell wafer and polysilicon. Further upstream, cell production capacity is predicted to reach 25 GW in…