The prospects for the Circular economy in India

The circular economy is a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing, and recycling existing materials and products as long as possible. In this way, the life cycle of products is extended. In practice, it implies reducing waste to a minimum. When a product reaches the end of its life, its materials are kept within the economy wherever possible. These can be productively used again and again, thereby creating further value.

This is a departure from the traditional, linear economic model, which is based on a take-make-consume-throw-away pattern. This model relies on large quantities of cheap, easily accessible materials and energy. Also, part of this model has planned obsolescence, when a product has been designed to have a limited lifespan to encourage consumers to buy it again.
The world’s population is growing and with it the demand for raw materials. However, the supply of crucial raw materials is limited. In addition, extracting and using raw materials has a major impact on the environment. It also increases energy consumption and CO2 emissions. However, smarter use of raw materials can lower CO2 emissions. Currently, the production of materials we use every day accounts for 45% of the CO2 emissions.

It is estimated that a circular economy path adopted by India could bring in annual benefits of 40 lakh crores or approximately US$ 624 billion in 2050. The greenhouse emission would reduce by 44% along with significant reduction in congestion and pollution. Solar power, biogas generation, and waste management are some of the areas that the government has currently prioritised. The pragmatic policy environment, presence of an already thriving informal sector and the waste economy gives India an inherent advantage for the paradigm shift. To balance the adverse effects of rapid urbanisation, industrialisation, growing population, and climate change, it is imperative to imbibe circularity in our economic development.
We @ Mynusco share this vision and mission and we have developed these blogs for you to join us for healthier people we love, land and earth that we would cherish to celebrate. Mynusco is not just a biomaterial company but a brand that shares these values and vision. Come be a part of this drive, for momentum is crucial for change.