The Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research have reported that India’s solar Production Linked Incentive (PLI) scheme has reshaped Indian PV manufacturing but is still falling short of its stated benchmarks. The scheme was launched in March 2021 with INR 4,500 crore (~$517.24 million) and was later expanded to INR 24,000 crore (~$2.76 billion) across two tranches. According to IEEFA and JMK Research, by June 2025 the cumulative manufacturing capacity had reached 3.3 GW polysilicon, 5.3 GW wafer, 29 GW cell and 120 GW module, with PLI-backed plants responsible for all polysilicon capacity and sizeable shares of wafer, cell and module lines. The analysts have noted that module and cell capacities have risen 216% and 344% since 2022, yet commissioned module capacity has stood at 31 GW against a 65 GW annual target, underscoring the remaining gap. IEEFA and JMK Research have further highlighted that the scheme has mobilised INR 48,120 crore (~$5.53 billion) of the envisaged INR 94,000 crore (~$10.80 billion) investment. According to the review, the scheme has created about 38,500 direct jobs.