Circular Economy

Home   »  Circular Economy

July 3, 2024

Circular Economy

Why in News? It is an economic model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products for as long as possible. This in turn extends the life cycle of the product.

  • Circular economy is an economic system that is based on expanding the life cycle of products by reusing, recycling, repairing and renovating existing products as much as possible. With a growing population, rapid urbanization, climate change and environmental pollution, India must move towards a circular economy.
  • India’s circular economy development route is estimated to generate an annual value of US$ 218 billion by 2030.
  • Potential of a circular economy approach in addressing the challenges of waste management and pollution in India:
  • Reduced waste as the life-cycle of a product is expanded by prioritizing the reduction, reuse and recycling of materials.
  • Enhanced resource efficiency as the pressure on the production line is reduced, thus conserving raw materials and decreasing energy and water consumption.
  • Reduced pollution due to reduced waste generation, hence, conserving air, water and soil quality.
  • Increased economic activity by creating new business opportunities, generating jobs in waste management and recycling sectors.

What are the benefits of Circular Economy?

  1. Increase in employment opportunities-
  2. Reduced reliance on imports-
  3. Protection of the environment-
  4. It helps in preservation of biodiversity and reduces the pressure on natural resources like forests. For Ex- Decreased mining in forest areas.
  5. Achieving the sustainable Development goals- Adoption of this economic model leads to the adoption of responsible production and consumption patterns (SDG 12).

What steps have been taken to promote circular economy?

Mission LiFE, launched by India in October 2022, seeks to promote circular economy.Mission LiFE stands for “LiFEStyleFor Environment.”

  • It is a campaign initiated by the Central Pollution Control Board (CPCB) in India. The objective of Mission LiFE is to promote and encourage a sustainable and environmentally conscious way of living.
  • National Resource Efficiency Policy (NREP)- The NREP was launched in 2019 ,Steel scrap recycling policy and Vehicle scrapping policy have also been launched with the same objectives.
  1. Extended Producer Responsibility (EPR)- The Government has notified various rules, such as the Plastic Waste Management Rules, e-Waste Management Rules, Construction and Demolition Waste Management Rules, Metals Recycling Policy.
  2. Bio-Economy and Biofuels- Pradhan Mantri JI-VAN Yojana, Galvanizing Organic Bio-Agro Resources (GOBAR) Dhan scheme.

and Sustainable Alternative Towards Affordable Transportation (SATAT) Scheme, promote circular economy in the agricultural sector by converting agri-waste into ethanol and compressed Bio-gas (CBG).

  1. Initiatives of NITI Aayog- NITI Aayog has taken initiatives to address the challenges in the utilization of waste as resource. For ex- Promotion of the usage of fly ash and slag produced in the steel industry in other sectors.

Get In Touch

B-36, Sector-C, Aliganj – Near Aliganj, Post Office Lucknow – 226024 (U.P.) India

+91 8858209990, +91 9415011892


Subscribe now for latest updates.

Follow Us

© All Rights Reserved.

Circular Economy | Vaid ICS Institute