ISMA models $89 billion solar manufacturing investment, 32 lakh jobs by 2047

On Tuesday, ISMA published Vision 2047: Solar Manufacturing from Polysilicon to Power Plant. This document maps out the future path for the solar manufacturing industry, forecasting that it may draw in $89 billion in capital by 2047. The report further indicates that the sector could create 32.3 lakh direct and indirect positions by that date. ISMA’s examination spans the entire value chain, ranging from polysilicon creation to the establishment of power plants.

Production and Capacity Targets

ISMA’s Vision 2047 report maps the sector’s physical output against its installed base. The study projects that India’s installed solar capacity could reach 2,275 GW by 2047.

Value Chain Stage	Cumulative Manufacturing Capacity (GW) by 2047
Modules	3,266
Cells	2,796
Ingots and Wafers	2,479
Polysilicon	2,156 (equivalent)

Employment and Investment Breakdown

• Solar value chain employment is forecast to expand from the current 4.1 lakh to 8.1 lakh by 2030, before climbing to 32.3 lakh by 2047.
• Direct roles in solar PV manufacturing are anticipated to increase from 1.4 lakh to 11.1 lakh during this timeframe.
• By 2047, close to 68% of direct manufacturing positions may be located within upstream segments.
• Building the proposed capacities will demand roughly $89 billion in fresh capital by 2047.
• This translates to an average annual funding need of approximately $4.3 billion from 2027 through 2047.
• Almost 70% of the planned capital allocation is earmarked for upstream manufacturing.

Import Substitution and Global Share

According to the ISMA framework, scaling up production would allow India to phase out its reliance on foreign solar parts by 2041. The local manufacturing base is expected to fulfill every demand within the coming ten years, reducing the yearly cost of imported solar components from its present level of around $4.4 billion to nothing.

Following the existing policy trajectory, the nation’s portion of worldwide module production is estimated to hit roughly 5.9% by 2030. By 2047, this figure may grow to about 26.5% of the total global solar module output, marking a transition from being an import-dependent market to a significant exporter.

Policy Context and Industry Outlook

The Production Linked Incentive (PLI) scheme has already catalyzed this transition, attracting approximately $8.4 billion in investments by June 2026. The program’s leverage has been substantial, with every dollar of government incentive drawing in roughly four dollars of private capital.

Amit Manohar, Secretary General of ISMA, noted that realizing this ambition requires sustained policy support, a predictable demand pipeline, and continued investments in upstream manufacturing to strengthen India’s global competitiveness. The timeline for self-sufficiency is staggered across the supply chain. Solar cell manufacturing capacity is projected to expand through 2030, while wafer production is expected to grow through 2035.

ALMM Timelines and Rooftop Demand

ISMA advises upholding the schedules within the Approved List of Models and Manufacturers (ALMM) structure to guarantee the finish of PLI-assisted initiatives. The group also urged a boost in rooftop solar deployments and agricultural solarization efforts to build a steady stream of local demand. Additional policy steps suggested involve building home-grown solar production machinery, enhancing technical expertise, encouraging next-generation solar cell tech, and setting up recycling systems. The document also highlights the need to widen export avenues to back the sector's sustained expansion. These insights were published by the Renewable Energy Manufacturers of India, formerly known as the All India Solar Manufacturers Association, on 2 November 2026.