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India Envisions a Robust $2 Trillion Circular Economy by 2050

In a recent announcement, the trade association has unveiled a comprehensive roadmap outlining the National Circular Economy Framework. The plan proposes the establishment of a new governing body, the National Circular Economy Authority (NCEA), which would be tasked with executing the national Circular Economy strategy. The NCEA aims to coordinate activities across various industries and agencies, undertake regulatory reforms, and play a pivotal role in shaping the future of circular practices.

The roadmap emphasizes the potential benefits of the National Circular Economy Framework (NCEF), including reducing dependence on imported resources, decoupling economic growth from resource consumption, minimizing resource consumption and pollution, enhancing resource security, cutting costs, improving competitiveness, and attracting investments. Notably, Indian states such as Maharashtra, Gujarat, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Haryana, Rajasthan, Uttar Pradesh, Madhya Pradesh, and West Bengal are identified as significant hubs for large-scale Circular Economy initiatives.

Key focus areas outlined in the roadmap encompass plastics, construction materials, electronic goods, and mixed municipal waste (both dry and wet). The roadmap estimates that the waste management sector in India has the potential to become a $15 billion industry. Approximately 25% of the total waste generated in the country consists of recyclable dry waste components, according to the roadmap.

The framework also asserts that India's concentrated efforts could lead to a 50% reduction in carbon emissions. Despite acknowledged challenges such as a lack of awareness, insufficient infrastructure and investment, and regulatory barriers, the framework highlights that the transition to a Circular Economy is already in progress. While some businesses and governments have started implementing Circular Economy principles, the roadmap underscores the necessity of a well-defined National Circular Economy Framework to expedite and streamline this transformative process.

The detailed article published by cnbctv18.com can be accessed from https://www.cnbctv18.com/economy/india-circular-economy-likely-to-touch-usd-2-trillion-by-2050-18516021.htm

India Envisions a Robust $2 Trillion Circular Economy by 2050

Circular Economy

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