India’s solar manufacturing industry could transform into a fully integrated global powerhouse by 2047, creating 32.3 lakh direct and indirect jobs, attracting $89 billion in manufacturing investments and eliminating its solar import bill, according to a report by the Indian Solar Manufacturers Association (ISMA).
Titled Vision 2047: Solar Manufacturing from Polysilicon to Power Plant, the report outlines a roadmap to move beyond module assembly and establish manufacturing capabilities across the entire solar value chain—from polysilicon and ingots to wafers, cells and modules. The transition could enable India to retain a significantly larger share of the value generated by every solar panel manufactured domestically while strengthening its position in global markets.
Under the current-policy scenario, ISMA projects India’s installed solar power generation capacity to reach approximately 278 GW by 2030, close to the 292 GW target, and increase to around 1,370 GW by 2047–slightly below NITI Aayog’s projected current-policy range of 1,430–1,650 GW by 2050.
The Vision 2047 pathway factors in additional electricity demand from emerging industries and infrastructure. Assuming the full implementation of planned programmes, ISMA estimates that India’s installed solar capacity could reach 313 GW by 2030 and approximately 2,275 GW by 2047, enough to meet nearly half of the country’s electricity demand.
To support this expansion, India’s solar PV manufacturing industry is projected to achieve cumulative capacities of approximately 3,484 GW for modules, 3,128 GW for cells, 2,630 GW for ingots and wafers, and 2,200 GW-equivalent for polysilicon by 2047.
Manufacturing capacity across the value chain is expected to scale up rapidly, supported by government-backed projects mandating the procurement of domestically manufactured solar products.
The expansion could create a significant employment opportunity, with total manufacturing-related jobs rising from approximately 4.1 lakh currently to about 7.4 lakh by 2030 and 32.3 lakh by 2047. Direct employment within solar PV manufacturing plants could increase from around 1.4 lakh to 11.1 lakh.
The share of direct jobs in cells, wafers and polysilicon rises from about one in ten today to about a third by 2030 and more than half by 2047. These are skilled jobs for technicians, engineers and chemists.
The report estimates that approximately $89 billion in new solar PV manufacturing investments could be required by 2047 under the Vision pathway, translating into an average investment requirement of around $4.3 billion annually between 2027 and 2047. Nearly 70% of these investments are expected to flow into polysilicon, wafers and cells. The Production Linked Incentive (PLI) scheme has already attracted approximately $8.4 billion in investments by June 2026, with every dollar of incentive drawing around four dollars in private investment.
A deeper domestic manufacturing ecosystem could also substantially reduce India’s dependence on imported solar components. The report projects that the country’s annual solar import bill could decline from approximately USD 4.4 billion currently to zero by 2041 under the Vision 2047 pathway. India could further account for 26.5% of global solar module supply by 2047, compared with around 5.9% under the current policy scenario by 2030.
Amit Manohar, Secretary General, ISMA, said, “India’s solar manufacturing sector stands at a pivotal moment, with the Vision 2047 pathway presenting an unprecedented opportunity to build a globally competitive, integrated manufacturing ecosystem. The potential to attract USD 89 billion in investments, generate over 32 lakh jobs and significantly reduce import dependence underscores the strategic importance of strengthening domestic manufacturing across the entire solar value chain. Realising this ambition will require sustained policy support, a predictable demand pipeline, investments in upstream manufacturing and continued efforts to strengthen India’s global competitiveness.”
The report identifies policy certainty, sustained domestic demand and timely implementation of manufacturing programmes as critical to realising this ambition. It calls for maintaining firm timelines under the Approved List of Models and Manufacturers (ALMM), completing PLI-supported projects, expanding rooftop solar and agricultural solarisation programmes, and accelerating investments in upstream manufacturing. It also highlights the need to develop domestic manufacturing equipment, strengthen technical skills, promote advanced cell technologies, establish recycling frameworks and expand export markets.
The Vision 2047 pathway outlines a phased transition, with cells scaling up through 2030, wafer manufacturing expanding through 2035 and the complete solar manufacturing value chain becoming established thereafter.
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