The trade association has recently unveiled a roadmap to National Circular Economy Framework. In it, CII and other industry players pitch for establishment of a new agency – National Circular Economy Authority (NCEA) – which can implement the national Circular Economy strategy, coordinate the activities of different industries and agencies, reform the regulations and so on.
By 2050, India’s circular economy is likely to be valued at $2 trillion. This is expected to create close to 10 million jobs by 2050, stated CII in its ‘National Circular Economy Framework’ (NCEF).
The trade association has recently unveiled a roadmap to National Circular Economy Framework. In it, CII and other industry players pitch for establishment of a new agency – National Circular Economy Authority (NCEA) – which can implement the national Circular Economy strategy, coordinate the activities of different industries and agencies, reform the regulations and so on.
The roadmap stated, NCEF can help reduce reliance on imported resources; decouple economic growth from resource consumption; reduce resource consumption and pollution; enhance resource security; reduce costs and improve competitiveness; attract investments and more.
It highlighted Indian states like Maharashtra, Gujarat, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Haryana, Rajasthan, Uttar Pradesh, Madhya Pradesh and West Bengal offer significant opportunities for large-scale Circular Economy.
The focus areas of the roadmap include plastics, construction materials, electronic goods, mixed municipal waste – dry and wet among others.
It is estimated that waste management in India is potentially a $15 billion industry. Out of the entire waste produced in India, 25% are dry waste components that can be recycled, the roadmap stated.
Masood Mallick, Chairman, CII Task Force on Waste to Worth 2023 told CNBC-TV18, “There is no more space for waste. We cannot create anymore landfills. There is a need for more recycling. Unfortunately, India’s circularity score is below 10 percent.”
He added India needs to achieve more. As of 2021, India’s formal recycling rate in India is estimated at 10-20% and formal recovery rate in India is estimated at 80-95%.
“India, like many countries, has been working to improve the recycling and recovery rates…” Masood Mallick added, “Urban areas in India produce approximately 42.0 million tons of municipal solid waste on an annual basis, equivalent to 1.15 lakh metric tons per day (TPD).”
This number is expected to rise further. So, he said, it is critical to ensure the value of waste is not lost.
The framework stated India’s focussed approach can help India reduce carbon emission by 50%. The framework stated despite the challenges, the transition to a Circular Economy is well underway.
While several businesses and governments are already implementing Circular Economy principles, a well-defined National Circular Economy Framework is essential to accelerate this transition. It also hghlights transitional challenges like lack of awareness, infrastructure and investment and regulatory barriers.
Also read: Fertiliser, food subsidy to comprise bulk of Centre’s additional cash spend of ₹58,000 crore
(Edited by : Anand Singha)
First Published: Dec 7, 2023 9:29 PM IST
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