India Could Attract $89 bn in Solar Manufacturing Investments by 2047
POWER & RENEWABLE ENERGY

India Could Attract $89 bn in Solar Manufacturing Investments by 2047

India could attract $89 bn in solar manufacturing investments by 2047, according to a report by the Indian Solar Manufacturers Association (ISMA). The report, launched at the Bharat Renewable Energy Summit & Expo 2026, outlines a pathway for the country to develop an integrated solar manufacturing hub and strengthen its position in global markets.

The proposed ecosystem would extend beyond module assembly to cover the complete solar value chain, including polysilicon, ingots, wafers, cells and modules. ISMA said deeper domestic capabilities would allow India to retain a larger share of the value generated by solar panels manufactured in the country, while supporting domestic installations and exports.

The association’s Vision 2047 pathway projects that India’s installed solar capacity could reach 2,275 GW by 2047. It envisages manufacturing capacity of 3,266 GW in modules, 2,796 GW in cells, 2,479 GW in ingots and wafers, and 2,156 GW equivalent in polysilicon.

ISMA Secretary General Amit Manohar said the pathway could generate more than 3,200,000 jobs and significantly reduce the country’s dependence on imported solar components. He said achieving the investment and employment potential would require sustained policy support, a predictable demand pipeline, investment in upstream manufacturing and continued efforts to improve India’s global competitiveness.

The report estimates that the full manufacturing chain could meet domestic demand within the next decade, with production scaling alongside solar installations. It projects that India’s annual solar import bill could fall from about $4.4 bn currently to zero by 2041 under the proposed pathway. India could also account for 26.5 per cent of global solar module supply by 2047, compared with about 5.9 per cent under the current policy scenario by 2030.

India could attract $89 bn in solar manufacturing investments by 2047, according to a report by the Indian Solar Manufacturers Association (ISMA). The report, launched at the Bharat Renewable Energy Summit & Expo 2026, outlines a pathway for the country to develop an integrated solar manufacturing hub and strengthen its position in global markets. The proposed ecosystem would extend beyond module assembly to cover the complete solar value chain, including polysilicon, ingots, wafers, cells and modules. ISMA said deeper domestic capabilities would allow India to retain a larger share of the value generated by solar panels manufactured in the country, while supporting domestic installations and exports. The association’s Vision 2047 pathway projects that India’s installed solar capacity could reach 2,275 GW by 2047. It envisages manufacturing capacity of 3,266 GW in modules, 2,796 GW in cells, 2,479 GW in ingots and wafers, and 2,156 GW equivalent in polysilicon. ISMA Secretary General Amit Manohar said the pathway could generate more than 3,200,000 jobs and significantly reduce the country’s dependence on imported solar components. He said achieving the investment and employment potential would require sustained policy support, a predictable demand pipeline, investment in upstream manufacturing and continued efforts to improve India’s global competitiveness. The report estimates that the full manufacturing chain could meet domestic demand within the next decade, with production scaling alongside solar installations. It projects that India’s annual solar import bill could fall from about $4.4 bn currently to zero by 2041 under the proposed pathway. India could also account for 26.5 per cent of global solar module supply by 2047, compared with about 5.9 per cent under the current policy scenario by 2030.

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