India’s rich tradition of circularity, deeply ingrained in its cultural ethos, faces challenges amid rapid economic growth and increased resource consumption. Urgent steps are needed to transition from the prevalent take-make-dispose model. With global trends indicating a shift towards sustainable resource usage, India could harness the potential of a $45 billion circular economy by 2030.
In the face of growing pressures from regulators, investors, and consumers, businesses must adopt pro-climate practices. The circular economy presents an opportunity for India Inc. to secure green investments and navigate international regulations, such as the Carbon Border Adjustment Mechanism. By embracing circular strategies within production sites, companies, and collaborations, businesses can achieve both sustainability and profitability.
Innovative models, like reusing, recycling, and recovering materials within the production site, can cut costs and reduce external dependencies. Conglomerates exchanging byproducts internally and companies collaborating across sectors can further enhance circularity. Industrial symbiosis, facilitated by eco-industrial parks, offers a platform for waste exchange at various levels, from company to company to cluster to company.
To mainstream circularity, an ecosystem of enablers is crucial. Initiatives like deposit refund schemes, coupled with technology-driven waste collection processes, exemplified by the partnership between Uttarakhand and Recyckal, can pave the way. Additionally, a national or regional byproduct database leveraging technology can enhance traceability, promoting efficient waste synergies.
As India stands at the crossroads of economic growth and sustainability, embracing circular economy principles is not just a choice but a strategic imperative, unlocking both environmental benefits and economic growth.
