A United Nations Conference on Trade and Development (UNCTAD), report titled ‘The case for a circular economy in India’, prepared in cooperation with Indian government, businesses has said that India can add value to its growth by resorting to a circular economy essentiating maximum utility of products, components and materials.
The report highlighted that a circular economy development path in India could create annual value of Rs 14 lakh crore ($218 billion) in 2030 and Rs 40 lakh crore ($624 billion) in 2050 compared with the current development scenario. Circular economy refers to a continuous cycle preserving and enhancing natural capital, optimising resource yields, while minimising risks by managing infinite stocks and renewable flows.
As per the report businesses in India can save on material cost and increase their profits by adopting circular economy approaches. It noted that recent initiatives by businesses, government bodies and non-profits in India to align with circular economy, it says Indian habits are deeply ingrained with circularity with high rates of utilisation and repair of vehicles and recycling to material post-use.
The report added that lower costs could also help India implement such initiatives as Pradhan Mantri Awas Yojana and the National Food Security Mission. Also, to fulfill the need of cities and dwelling in view of expanding population, the report finds renewable and recycled materials and modular construction methods can minimise waste and reduce construction costs.