‘India’s circular economy can create market value of over $2T, 10 million jobs by 2050’

NEW DELHI: India’s circular economy could create a market value of more than USD 2 trillion and almost 10 million jobs by the year 2050, said Union Environment, Forest & Climate Change Minister Bhupender Yadav on Tuesday.

Addressing the 12th Regional 3R and Circular Economy Forum in Asia and the Pacific, Yadav stressed that circular economy thinking could power one of the biggest business revolutions since the Industrial Revolution. By moving away from the conventional “take, make, waste” pattern, the circular economy can contribute USD 4.5 trillion to the global economy by 2030.

Yadav also stated that India has submitted its bid to host the World Circular Economy Forum in 2026. This year, the forum will be held in São Paulo, Brazil, and India has shown interest in hosting it in 2026.

Bharat’s push for waste management, Yadav said, that the Plastic Waste Management Rules (2016) have had a substantial regulation drive in the municipal, industrial, residential and commercial arenas. India banned some single-use plastics in 2022, and with the Mission LiFE initiative, the government established Eco-Mark Rules to boost eco-friendly products.

India has also completed Circular Economy Action Plans for a total of ten waste types with regulatory arrangements underway, he said.

During the forum, Ministry of Housing and Urban Affairs Secretary Srinivas Kathikala and Rajasthan Chief Secretary Sudhansh Pant facilitated discussions on progressing waste management efforts.

One of the highlights was the introduction of the SBM Waste to Wealth PMS Portal, an online portal under the Swachh Bharat Mission (SBM). The forum also witnessed the launch of the IFC Document Reference Guide: Business Models and Economic Assistance for Municipal Solid Waste (MSW) Projects. The CSIR and the Ministry of Housing and Urban Affairs (MoHUA) entered into an agreement for furthering research-based solutions in waste management.