The Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research have reported that India’s solar Production Linked Incentive (PLI) scheme  is still falling short of meeting its stated benchmarks. The scheme launched in March 2021 with an initial outlay of INR 4,500 crore (about $517.24 million), and is later expanded to INR 24,000 crore (around $2.76 billion) across two tranches. By June 2025, India’s cumulative manufacturing capacity reached 3.3 GW of polysilicon, 5.3 GW of wafers, 29 GW of cells, and 120 GW of modules. PLI-backed production fabs accounted for all polysilicon capacity and significant portions of wafer, cell, and module production lines of the above capacities. India’s total solar module manufacturing capacity has more than tripled (up 216%) since 2022, reaching around 120 GW of factory capacity. Yet only 31 GW of this module capacity is actually commissioned and running, which is still below the annual target of 65 GW.