India’s solar manufacturing industry can generate 32.3 lakh direct and indirect jobs and attract $89 billion in investments by 2047 if it moves beyond module assembly to build a fully integrated value chain, according to a new report released by the Indian Solar Manufacturers Association (ISMA) on 3 November 2026.
The report, titled Vision 2047: Solar Manufacturing from Polysilicon to Power Plant, maps a pathway for India to develop manufacturing capability across polysilicon, ingots, wafers, cells and modules.
Total manufacturing-related employment could rise 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 grow from about 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.
ISMA Secretary General Amit Manohar said the sector is at a turning point. “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,” Manohar said in the ISMA release accompanying the report.
The $89 billion investment requirement translates to an average of about $4.3 billion annually between 2027 and 2047. Under the Vision 2047 scenario, India’s installed solar capacity could reach 2,275 GW by 2047.
The report also projects that a fully developed domestic value chain could eliminate India’s solar import bill entirely, while positioning the country as the world’s second-largest solar manufacturing powerhouse.
India’s solar manufacturing push is already supported by the Production Linked Incentive (PLI) scheme for high-efficiency solar PV modules and the Approved List of Models and Manufacturers (ALMM) framework. The ISMA report argues that long-term policy support and sustained investment in upstream capacity are necessary for the Vision 2047 targets to be met.
