India’s solar manufacturing industry could create 32.3 lakh direct and indirect jobs, attract $89 billion in investments and eliminate the annual solar import bill by 2047, according to the Indian Solar Manufacturers Association (ISMA). The industry body has called for an integrated domestic manufacturing ecosystem covering the entire solar photovoltaic value chain.
Solar Manufacturing Projections for 2047
India’s solar manufacturing industry could generate 32.3 lakh direct and indirect jobs by 2047. The sector may require nearly $89 billion in new manufacturing investments during this period. India could also achieve 2,275 GW of installed solar capacity by 2047. A fully integrated domestic manufacturing chain could reduce the annual solar import bill from $4.4 billion to zero.
India Targets Global Leadership in Solar Manufacturing by 2047
India could transform its solar manufacturing industry into a globally competitive, fully integrated manufacturing powerhouse by 2047, creating 32.3 lakh direct and indirect jobs and attracting $89 billion in investments, according to the Indian Solar Manufacturers Association (ISMA).
In a statement issued on Tuesday, the industry body said India needs to move beyond solar module assembly and develop manufacturing capabilities across the entire solar photovoltaic (PV) value chain, covering polysilicon, ingots, wafers, cells and modules.
Such an integrated manufacturing ecosystem could enable India to retain a larger share of the value generated by domestically manufactured solar panels while strengthening its position in international markets.
Amit Manohar, Secretary General of ISMA, said achieving this ambition would require sustained policy support, a predictable demand pipeline, investments in upstream manufacturing and continued efforts to improve India’s global competitiveness.
Solar Capacity Could Reach 2,275 GW by 2047
The ISMA projections indicate that India’s installed solar capacity could reach 2,275 GW by 2047, supported by substantial expansion across the manufacturing value chain.
The projected manufacturing capacities include 3,266 GW for solar modules, 2,796 GW for solar cells, 2,479 GW for ingots and wafers, and 2,156 GW equivalent for polysilicon.
According to the report, the complete manufacturing chain could meet domestic demand within the next decade, with each segment progressively expanding to support India’s growing solar installations and export ambitions.
Solar Manufacturing Could Generate 32.3 Lakh Jobs
The expansion of domestic solar manufacturing could significantly increase employment opportunities across the sector.
The report estimates that total manufacturing-related employment could rise from nearly 4.1 lakh currently to 8.1 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 over the same period.
Nearly 68% of direct manufacturing jobs could be concentrated in upstream segments such as solar cells, wafers and polysilicon by 2047. This reflects the potential employment impact of developing manufacturing capabilities beyond the final assembly of solar modules.
India Could Eliminate Its Annual Solar Import Bill
A deeper domestic manufacturing ecosystem could substantially reduce India’s dependence on imported solar components.
The ISMA report projects that India’s annual solar import bill could decline from approximately $4.4 billion currently to zero as domestic manufacturing capacity expands across the value chain.
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, according to the projections.
The proposed shift towards integrated manufacturing would help retain more value within the domestic economy while strengthening the country’s position in global solar supply chains.
$89 Billion Investment Needed for Solar Manufacturing Expansion
The report estimates that nearly $89 billion in fresh investments could be required to establish and expand India’s solar PV manufacturing ecosystem by 2047.
This would translate into an average annual investment requirement of approximately $4.3 billion between 2027 and 2047.
Nearly 70% of the projected investments are expected to flow into upstream manufacturing segments, particularly polysilicon, wafers and solar cells.
The Production Linked Incentive (PLI) scheme has already attracted nearly $8.4 billion in investments by June 2026, according to ISMA. The industry body said every dollar of incentive had drawn around four dollars in private investment.
India’s ambition to become a global solar manufacturing hub by 2047 will depend on developing capabilities across the entire photovoltaic value chain. The ISMA projections point to significant opportunities in employment, investment, import substitution and exports. Sustained policy support, upstream manufacturing investments and a reliable domestic demand pipeline will be important in translating these projections into industrial growth.
