India’s solar manufacturing industry could emerge as a major global manufacturing hub by 2047, generating approximately 32.3 lakh direct and indirect jobs, attracting USD 89 billion in investments and eliminating the country’s annual solar import bill, according to a new report released by the Indian Solar Manufacturers Association (ISMA).
Titled Vision 2047: Solar Manufacturing from Polysilicon to Power Plant, the report outlines a roadmap for developing a fully integrated domestic solar manufacturing ecosystem. It highlights the need for India to move beyond module assembly and establish manufacturing capabilities across the entire solar value chain, including polysilicon, ingots, wafers, solar cells and modules.
Under the proposed Vision 2047 pathway, India’s installed solar capacity could reach 2,275 GW by 2047. To support this expansion, the report estimates that domestic manufacturing capacities could increase to 3,266 GW for modules, 2,796 GW for cells, 2,479 GW for ingots and wafers, and 2,156 GW equivalent for polysilicon. The manufacturing ecosystem could progressively meet domestic requirements within the next decade while supporting growing export opportunities.
The expansion is expected to generate substantial employment across the solar manufacturing sector. Total manufacturing-related employment could increase from approximately 4.1 lakh currently to 8.1 lakh by 2030 and 32.3 lakh by 2047. Direct employment in solar PV manufacturing facilities alone could rise from around 1.4 lakh to 11.1 lakh during the same period. Nearly 68% of direct manufacturing jobs are expected to come from upstream segments, including polysilicon, wafers and solar cells, by 2047.
The report estimates that India will require approximately USD 89 billion in new investments to achieve its manufacturing ambitions by 2047. This translates into an average annual investment requirement of around USD 4.3 billion between 2027 and 2047. Nearly 70% of the proposed investments are expected to be directed towards upstream manufacturing facilities, particularly polysilicon, wafers and cells.
Existing government initiatives are also contributing to the expansion of domestic manufacturing. The Production Linked Incentive (PLI) scheme has attracted approximately USD 8.4 billion in investments as of June 2026. According to the report, every dollar of government incentive has generated around four dollars in private investment.
Strengthening domestic production could significantly reduce India’s dependence on imported solar components. The country’s annual solar import bill, currently estimated at approximately USD 4.4 billion, could decline to zero by 2041 under the proposed pathway. India could also increase its share of global solar module supply to 26.5% by 2047, compared with around 5.9% under the current policy scenario by 2030.
Amit Manohar, Secretary General of ISMA, said the sector stands at a pivotal moment, with the Vision 2047 pathway offering an opportunity to develop a globally competitive and integrated manufacturing ecosystem. He highlighted the importance of sustained policy support, predictable demand, upstream investments and improved global competitiveness.
The report identifies policy certainty, timely implementation of manufacturing programmes and sustained domestic demand as essential requirements. It recommends maintaining clear timelines under the Approved List of Models and Manufacturers (ALMM), completing PLI-supported projects, expanding rooftop solar and agricultural solarisation programmes, and encouraging investments in manufacturing equipment, advanced cell technologies, recycling and skill development.
The proposed roadmap envisages scaling up cell manufacturing by 2030, expanding wafer production through 2035 and establishing the complete solar manufacturing value chain thereafter. These measures could position India as a major global supplier of solar products and technologies by 2047.
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