India could attract $89 billion in solar manufacturing investments by 2047

India’s advances in clean energy have acted as a tailwind, which has the potential to transform the world’s third biggest renewable energy market into an integrated solar manufacturing hub, which can attract around $89 billion in investments by 2047.

A report by the Indian Solar Manufacturers Association (ISMA), launched at the Bharat Renewable Energy Summit & Expo 2026, details the country’s solar manufacturing potential. It also offers a pathway to 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, said ISMA Secretary General Amit Manohar.

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, he noted.

“The potential to attract $89 billion in investments, generate over 32 lakh jobs and significantly reduce import dependence underscores the strategic importance of strengthening domestic manufacturing across the entire solar value chain,” Manohar anticipated.

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, he added.

Under ISMA’s Vision 2047 pathway, 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 estimates 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.

A deeper domestic manufacturing ecosystem could also substantially reduce India’s dependence on imported solar components, the report emphasises.

It projects that the country’s annual solar import bill could decline from around $4.4 billion currently to zero by 2041 under the Vision 2047 pathway. 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.

Published on November 3, 2026