India’s solar manufacturing industry could create 32 lakh jobs, attract $89 bn investment by 2047
New Delhi, Nov 3 (IANS) India could transform its solar manufacturing industry into a fully integrated global powerhouse by 2047, create 32.3 lakh direct and indirect jobs, attract $89 billion in manufacturing investments and eliminate its solar import bill, an industry chamber said on Tuesday.
The statement from Indian Solar Manufacturers Association (ISMA) said India should 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,” the statement noted.
“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,” said Amit Manohar, Secretary General, ISMA.
India’s installed solar capacity could reach 2,275 GW by 2047, supported by manufacturing capacities 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.
The report estimated that the entire manufacturing chain could meet domestic demand within the next decade, with every stage progressively scaling up to support India’s growing solar installations and exports.
The total manufacturing-related jobs could rise from nearly 4.1 lakh 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.
Nearly 68 per cent of direct manufacturing jobs could be concentrated in upstream segments such as cells, wafers and polysilicon by 2047, reflecting the growing importance of deeper domestic manufacturing capabilities.
A deeper domestic manufacturing ecosystem could also substantially reduce India’s dependence on imported solar components. The report projected that the country’s annual solar import bill could decline from approximately $4.4 billion currently to zero. India could further account for 26.5 per cent of global solar module supply by 2047, compared with around 5.9 per cent under the current policy scenario by 2030.
The report estimated that nearly $89 billion in new solar PV manufacturing investments could be required by 2047, translating into an average investment requirement of around $4.3 billion annually between 2027 and 2047.
Nearly 70 per cent of these investments are expected to flow into polysilicon, wafers and cells. The Production Linked Incentive (PLI) scheme has already attracted nearly $8.4 billion in investments by June 2026, with every dollar of incentive drawing around four dollars in private investment.
—IANS
aar/pk
