India, a nation deeply rooted in resourcefulness and waste reduction, is now facing a crucial moment in adopting circular economy practices. The take-make-dispose model, driven by swift urbanisation and industrialisation, has become prevalent as the country experiences rapid economic growth. To address the environmental and economic challenges posed by increased resource consumption and waste generation, India is turning to circularity.
Globally, there is a significant shift toward sustainable resource usage, with the circular economy market projected to grow by 7.8 percent annually, surpassing $650 billion by 2028. This shift has the potential to unlock $4.5 trillion in GDP growth by 2030, with 68 percent of it driven by non-renewables substitution and waste recovery.
Focusing on India, the circular economy presents a potential market worth over $45 billion by 2030. The private sector in the country has the opportunity to take the lead in securing green investments by adopting circular practices within their operations.
While businesses understand the drivers behind circularity, they often struggle with implementing the most suitable models to ensure both sustainability and profitability. To address this, India Inc can explore innovative circular strategies in manufacturing, promoting efficient waste management and resource conservation.
