India's circular economy could generate a market value of over USD 2 trillion and create 10 million jobs by 2050, the country's G20 Sherpa Amitabh Kant said Monday.
Speaking at an event, Kant went on to say that the circular economy can be an economic engine, and that this transition not only promises cost savings but also prepares India to capitalise on the global circular economy market.
"This is a huge opportunity because, by 2050, India's circular economy could generate a market value of over USD 2 trillion and create close to 10 million jobs," he said.
Currently, the size of the Indian economy is USD 3.7 trillion. Noting that industrialisation and urbanisation are creating an unsustainable India, Kant said, "We need circular economy as a beacon of hope".
The country's natural resources are depleted at an unsustainable pace, generating massive amounts of waste.
While pointing out that India is generating about close to 1.6 lakh tonnes of municipal solid waste per day, he said this underscores the urgency to move towards a model that decouples economic growth from resource extraction.
"It will be impossible to live in India. It will be impossible to work in India...therefore, the circular economy offers a really compelling solution to the dilemma that India is facing due to rapid urbanisation and industrialisation by keeping resources in use for as long as possible, extracting maximum value from them and regenerating natural systems," Kant said.
According to Kant, the circular model not only reduces waste and environmental harm but also creates new economic opportunities.
India's transition to circularity requires a deliberate and coordinated effort across sectors, and it has to be driven by innovation, R&D and robust policy intervention, he added.
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