India’s circular economy has $2 trillion potential, says Bhupender Yadav

Jaipur, March 4 (IANS) India's circular economy could generate a market value of over $2 trillion and create close to 10 million jobs by 2050, Minister for Environment, Forest & Climate Change Bhupender Yadav said on Tuesday. 

Addressing the 12th Regional 3R and Circular Economy Forum in Asia and the Pacific, Yadav said the circular economy may be about to drive one of the biggest transformations in business since the Industrial Revolution 250 years ago.

Through a radical departure from the traditional 'take, make, waste' production and consumption models, the circular economy could provide a potential $4.5 trillion in additional economic output by 2030 the world over, he said.

Yadav also informed the forum about India’s candidacy for organising the World Circular Economy Forum in 2026. The forum, held every year, is being organised in Brazil's Sao Paulo this time and India has expressed the willingness to host it in 2026.

Emphasising environment-friendly steps taken by the government, the Minister said that India remains committed to addressing plastic waste challenges and their associated ecological impacts. The Plastic Waste Management Rules (2016) have led to significant measures targeting municipal, industrial, residential, and commercial sectors. India has banned certain categories of single-use plastics through notification in 2022.

In alignment with the Mission 'LiFE' initiative, the government has notified the Eco-Mark Rules to encourage demand for environmentally friendly products while promoting energy efficiency and circular economy principles.

The Minister further said that Circular Economy Action Plans for 10 waste categories have been finalised, for which regulatory and implementation framework is under progress. India has already notified various waste management and extended producer responsibility rules in certain sectors, such as the Plastic Waste Management Rules, e-Waste Management Rules, Construction and Demolition Waste Management Rules, and Metals Recycling Policy, among others.

Secretary, Housing and Urban Affairs, Srinivas Kathikala, and Chief Secretary, Rajasthan, Sudhansh Pant jointly chaired a significant session, focusing on advancing waste management and circular economy initiatives. The session saw the launch of several key reports, best practices and the signing of important agreements aimed at strengthening India’s waste management ecosystem.

A major highlight of the session was the launch of the SBM Waste to Wealth PMS Portal, an innovative online platform developed under the Swachh Bharat Mission (SBM). The portal is designed to enhance project monitoring, streamline data management, and facilitate resource sharing, thereby supporting the mission’s broader objective of transforming waste into valuable resources. This initiative aligns with the government’s commitment to sustainable urban development and effective solid waste management.

The session also marked the release of the IFC Document Reference Guide: Business Models and Economic Assistance for Municipal Solid Waste (MSW) Projects. This guide provides comprehensive insights into various business models for MSW processing, including waste-to-electricity, biomethanation, and bioremediation. The document serves as a crucial resource for municipalities and private players looking to implement effective and economically viable waste management projects.

In a significant step toward fostering scientific collaboration in waste management, a Memorandum of Understanding (MoU) was signed between the Council of Scientific and Industrial Research (CSIR) and the Ministry of Housing and Urban Affairs (MoHUA). This partnership will facilitate research-driven solutions and innovative technologies to enhance urban waste management practices across India.

The event also saw the release of "India’s Circular Sutra: A Compendium of Best Practices in 3R & Circular Economy". This compendium documents successful case studies and innovative approaches in the Reduce, Reuse, and Recycle (3R) framework, providing valuable insights for urban local bodies and stakeholders looking to implement circular economy solutions.

These initiatives mark a significant step forward in India’s efforts to promote sustainable waste management, encourage innovation, and drive the transition toward a circular economy.

The Council on Energy, Environment, and Water (CEEW) presented its latest study, which offers a detailed outlook on solid waste management (SWM) practices in cities with populations exceeding one million. The report highlights sustainable waste management strategies, circular economy principles, and decentralized solutions that can be tailored to meet the unique challenges of India’s rapidly urbanizing regions.