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How robust circular economy framework can help sustain India's economic growth.
27 . Jun . 2024
India is undergoing a transformation from being a linear economy to a recycling economy, which is a predecessor to a circular economy. This shift is happening due to a slew of factors such as policy measures, corporate initiatives, technological advancements and public participation.
Though challenges remain, the shift is paving the way for significant environmental and economic benefits, say experts.
Abhishek Deshpande, Co-founder, Recykal, says that India stands at a critical juncture in its journey towards sustainability and circular economy. “Significant policy shifts and grassroots initiatives are addressing environmental challenges. Regulations like the Plastic Waste Management R ..
Fully embracing a circular economy could bring annual benefits of Rs 40 lakh crore ($624 billion) by 2050, highlighting its economic and environmental potential, says Deshpande.
Abhinav Akhilesh, Partner, Grant Thornton Bharat, says a circular economy helps green entrepreneurship grow by providing a framework and a set of principles that enable businesses to operate sustainably through waste reduction and resource efficiency; market differentiation through sustainable and innovative products and services; regulatory compliance and penalty avoidance and consumer demand for sustainable products/services.
Technology at the forefront
Nandan Mall, Founder & CMD, Hulladek Recycling, says technology helps to solve any problem on a mass scale. It holds true for environmental concerns as well. Innovative tech solutions can play a pivotal role in addressing environmental concerns by improving efficiency, reducing waste, conserving resources, and enabling better decision-making.
