Will PV market get even more competitive as India starts moving up the supply chain?

Until recently, I still held the impression that India mostly assembled modules while importing cells from China. Apparently now there are able to manufacture cells and ingot as well.

https://www.pv-magazine.com/2025/04/02/india-reaches-74-gw-of-solar-module-capacity/

74 GW of panel manufacturing capacity is less than 10% of China, but that's double the previous year and afaik makes them the world's 2nd largest. With 25 GW of cells, plus 2 GW of wafer this year and basically they got the whole supply chain.

https://www.pv-magazine.com/2025/05/08/indian-solar-manufacturing-to-hit-160-gw-of-modules-120-gw-of-cells-by-2030/

Forecast said by 2030 they would produce 160 GW of module, 2/3 of which come from domestic components.

I've done a bit more digging around to find this report called "Policy Paper on Solar PV Manufacturing in India" by The Energy and Resources Institute back in 2019, where the predicted manufacturing capacity if expanded linearly to 2025 (data ends at 2022) would have been less than 40 GW, so there's room to say that actual numbers may exceeds this. The report also stated India "is competitive in terms of cost of labour and Quality Standards but is at a disadvantage in terms of high cost of capital, higher power tariff and absence of facilitating ecosystem". Government policies already remedied the first 2, the latter should disappear with the expanded supply chain.

Personally I couldn't be more excited for even cheaper PV with less concentration risk on any single country.