India Moving Towards Becoming Global Hub for Solar Manufacturing by 2047

India could become a major global hub in the solar energy production sector by the year 2047. According to a report titled ‘Vision 2047: Solar Manufacturing from Polysilicon to Power Plant’ released by the Indian Solar Manufacturers Association (ISMA), 32.3 lakh new employment opportunities could be created in this sector, and new investments of approximately $89 billion are likely to arrive. This development will enable India to reduce its dependence on foreign imports and significantly increase exports.

To achieve this goal, India must not limit itself to merely assembling solar panels but must manufacture all its key components within the country. These components include polysilicon, ingot, wafer, solar cells, and modules. According to a report by TV9 Gujarati, India will acquire the capacity to meet local requirements for all critical parts of solar production within the next 10 years.

In terms of capacity, India's total installed solar power generation capacity could reach 2,275 gigawatts by 2047. Along with this, solar module production capacity could expand to 3,266 gigawatts, solar cells to 2,796 gigawatts, ingot-wafer capacity to 2,479 gigawatts, and polysilicon production capacity to 2,156 gigawatts.

A major surge is expected in the employment sector. Currently, the number of direct and indirect jobs associated with this sector is approximately 4.1 lakh, which could increase to 8.1 lakh by 2030 and reach 32.3 lakh by 2047. The number of employees working directly in plants will also increase from the current 1.4 lakh to 11.1 lakh. Notably, about 68 percent of direct jobs will be created in the early stages of production, such as solar cells, wafers, and polysilicon.

An investment of approximately $89 billion will be required by 2047 to build a local supply chain. For this, an average annual investment of $4.3 billion will be needed between 2027 and 2047, of which about 70 percent will be used in the production of polysilicon, wafers, and cells. Under the government's Production Linked Incentive (PLI) scheme, approximately $8.4 billion in investment has been attracted by June 2026. As stated in the report, for every $1 of government incentive, approximately $4 of private investment has been received.

Imports of solar components could become zero by the year 2041, whereas India's current annual solar import bill is approximately $4.4 billion. By 2047, India's share in the world's total solar module supply could be 26.5 percent, which was estimated to be 5.9 percent by 2030.

According to Amit Manohar, General Secretary of ISMA, continuous policy support from the government, stable demand, and investment in the initial stages are indispensable for this goal. The report recommends the timely implementation of ALMM rules, rapid completion of PLI projects, and expanding the scope of rooftop and agricultural solar schemes. Additionally, emphasis has been placed on the local production of solar machinery, technical training, and creating a framework for the recycling of old panels. According to the plan, solar cell production will be established by 2030 and wafer production by 2035.