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India’s Solar Cell Capacity Set to Surge Five-Fold to 55 GW by 2027

India’s solar cell manufacturing capacity is projected to reach 50-55 GW by FY 2027, a five-fold jump from 10 GW in FY 2024, driven by government policies aimed at reducing imports, according to Crisil Ratings. This expansion, requiring Rs28,000-30,000 crore in investment, will be supported through a 70:30 debt-equity structure.

While domestic module capacity has already surged to 60 GW, solar cell imports remain high at 80%, mostly from China. However, with policy incentives like the Production-Linked Incentive (PLI) scheme and Approved List of Models and Manufacturers (ALMM), reliance on domestic manufacturing is set to grow.