India’s solar cell manufacturing capacity is projected to rise from 10 GW in FY24 to 50-55 GW by FY27, according to CRISIL Ratings, headquartered in India. The expansion requires an estimated INR 28,000-30,000 crore (~$3.19-3.42 billion) capex, financed through a 70:30 debt-equity mix, supported by strong balance sheets. The government mandates using domestically manufactured cells in open access, net metering, and supported projects to boost production. Announced expansions of 45-50 GW will raise total capacity to 55 GW. Module manufacturing grew from 7 GW in 2020 to 60 GW in 2024, reducing imports to 25% of total demand. However, solar cell imports remain at 80%, mainly from China. Domestic cell supply will support over 50% of module capacity by FY27. Despite expansion, locally produced cells will be 80-90% costlier than imports, impacting project costs, according to the report.