India’s solar boom has a hidden ‘trap’ that could crush valuations — and it’s made in China

India’s solar build-out is no longer an ambitious plan, but is already a reality in many Indian states, driven by the government’s policy to push the penetration of solar energy across the country. The next five years will be the deciding factor on whether the country secures strong energy insulation or continues to live under a foreign price setter, dominated by China as of now. Where does India fit then? While domestic manufacturers keep announcing record capacities, the heart of the chain remains offshore with China.