As India rebuilds its economy, it is time to make it circular and sustainable – Observer Research Foundation

object(WP_Post)#890 (24) { ["ID"]=> int(66914) ["post_author"]=> string(1) "1" ["post_date"]=> string(19) "2020-05-28 16:03:19" ["post_date_gmt"]=> string(19) "2020-05-28 10:33:19" ["post_content"]=> string(12640) "Between 1970 and 2015, India registered a six-fold increase from 1.18 billion to 7 billion tonnes in annual material consumption. By 2022, India will be the most populous nation in the world, and its expected that by 2030, its annual material consumption would double to 14.2 billion tonnes due to population growth, urbanisation, economic mobility, and the resulting growth in per-capita resource consumption. Currently, Indias resource extraction of 1,580 tonnes/acre is 251% higher than the world average of 450 tonnes/acre. While Europe recycles 70% of its consumption items, India recycles only 20%. India is also the third highest emitter of greenhouse gases, and accounts for 9.2% of total world emissions. Given that India aspires to become a global manufacturing hub, we would witness higher levels of consumption of raw materials, than whats required to meet Indias domestic needs. Therefore, Indias traditional take-make-waste linear economic approach will cause severe ecological damage with untoward economic and social ramifications. Maximised extraction of utility from raw materials, produced goods, and perishables, through-out their life-cycle, is central to building a circular economy. Given that India currently recycles only 20% of its consumption, there is enormous scope for improvements in this area, and this provides opportunity for innovation and employment. Hence the journey from the current linear economic model to a circular economic model is filled with both ecological and economic benefits. According to the Ellen McArthur foundation, transitioning to a circular economy will result in US$ 624 billion in economic benefits, and reduce carbon emission by 44% (compared to current development path) in 2050 alone. As part of the sweeping economic reforms announced in the wake of the COVID-19 pandemic, the national government, in coordination with the state governments, must develop a roadmap for institutionalising a circular economic growth model for the nation. The journey towards building a circular economy needs a multi-pronged approach requiring the engaged participation of governments, industry and citizens. It needs a robust roadmap jointly owned and championed by the central, state, city and other local governments, and it must focus on the following aspects:

Citizen awareness and source segregation across the entire population

Tax incentives and financing to make investments in CE more financially viable

Industry specific roadmap to enable transition to CE based business and operating models in key industries

Technological innovation in technologies that make CE possible and viable

Policy roadmap and coordination between the national government, state governments, city governments, and industry

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As India rebuilds its economy, it is time to make it circular and sustainable - Observer Research Foundation