Motilal Oswal projects a strong silver rally in India, forecasting prices up to ₹2.40 lakh by end-2026, driven by structural supply deficits, rising demand from solar and EV sectors, and a weakening rupee. Supported by five consecutive years of global supply shortfalls, robust industrial consumption, and silver’s dual role as an industrial and safe-haven asset, domestic silver ETFs have surged nearly 70% YTD, with further gains expected as USD/INR trends toward 90.