India’s Tryst with a Circular Economy Report
Recently the Economic Advisory Council to the Prime Minister (EAC-PM) has released a paper titled “India’s Tryst with a Circular Economy”.
- A circular economy is an economic system where the means of production are organized around the reuse and recycling of inputs. Its objective is to promote sustainable and environment-friendly methods of production.
- India’s current economic model is largely linear. In this, resources are obtained, processed and transformed into products. Finally these products are sold to the consumers.
- Afterwards, the products are discarded as waste. This generates 62 million tonnes of waste every year {according to the Central Pollution Control Board (CPCB)}.
Importance of circular economy for India
- Helps in reducing negative externalities like noise/air pollution, land degradation etc.
- Waste is reduced. Also, it becomes easier to adopt sustainable and eco-friendly methods of production.
- Contributes to increase in income. By adopting circular economy, annual value creation of Rs 14 lakh crore is estimated by 2030.
- Reduces dependence on resources. The cost savings from this would be equal to 11% of the current Indian Gross Domestic Product (GDP) by 2030.
Challenges in Achieving Circular Economy:
- There is a lack of awareness among people;
- The waste management system is inadequate;
- Policy recommendations made for adopting circular economy
- Limited availability of recycled products etc.
Policy recommendations made for adopting circular economy –
- There is a need to prepare a national level vision document;
- Monitoring and evaluation system needs to be put in place:
- Re-use, repair and use of recycled products should be encouraged etc.
Key steps by the government towards circular economy:
- National Resource Efficiency Policy (NREP), 2019 has been announced;
- Provisions regarding Extended Producer Responsibility (EPR) have been made;
- Atal Innovation Mission was launched in the year 2016;
- Swachh Bharat Mission was started in the year 2014 etc.
Source – Eacpm.com
