Circular economy is a systems solution framework that eliminates waste and pollution, circulates products and materials at their highest value and regenerates nature. It decouples economic activity from the consumption of finite resources and is characterized as “a model of production and consumption that ensures long-term growth.”
Circular models seek to eliminate wasted resources, capacities, lifecycles, and embedded values. Creating a circular economy for electronic waste in India will result in zero waste generation and nothing will go into landfills. By adopting a circular economy in India, the country could benefit from yearly benefits of $624 billion by 2050 and a 44% reduction in greenhouse gas emissions.
Importance of circular economy in India
India has enormous opportunities for a circular economy, as the country has a pool of tech talent, easy acceptance of circular products, and a cost-centric market. India is likely to be a leading hub for technology and innovation and has the potential to accelerate to the forefront of the global circular economy revolution.
By adopting a circular economy, India could result in US$ 624 billion in savings across construction, food and agriculture, and mobility by 2050. This will contribute to widespread adoption, particularly among India’s cost-conscious consumers.
Benefits of circular economy
The circular economy provides a range of benefits, such as protection of the environment, benefits for the local economy, employment growth, and resource independence. It can reduce reliance on imported raw materials and encourage production models that rely on the reuse of nearby waste as raw material.
Challenges
One of the major challenges faced by the circular economy in India is the lack of a clear vision towards the end-goal of India’s circular economy mission and gaps in actual implementation of the policies. Industry is also reluctant in adopting the circular economy model due to supply chain limitations, lack of incentives to invest, complex recycling processes and lack of information to support participation in reusing/recycling/re-manufacturing processes. Efforts are made at the very end of value chains, resulting in sub-optimal economic outcomes.
Why In News
“India poised to become a global leader in the Circular Economy,” says Union Minister. With a focus on sustainability and reducing waste, India is taking proactive steps to shift towards a circular economic model, which is expected to not only benefit the environment but also create new business opportunities and contribute significantly to the global economy.
MCQs about India’s Role in the Circular Economy Revolution
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what is a circular economy?
A. An economy that is driven by waste and pollution
B. An economy where resources are kept in use for as long as possible
C. An economy that encourages the depletion of natural resources
D. An economy where waste is disposed of in landfills
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Which country’s union minister has said that India is set to be a major contributor to the world’s circular economy?
A. The United States
B. China
C. India
D. Russia
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What are the three principles of the circular economy?
A. Reduce, Reuse, Recycle
B. Buy, Use, Dispose
C. Extract, Produce, Dispose
D. Make, Sell, Consume
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