Circular Economy Model: Why Is It Important for India?

What is the circular economy model?

The Circular Economy is an economic system which involves sharing, repairing, refurbishing, leasing, reusing, and recycling existing materials and products for as long as possible. In this way, the life cycle of products is extended.

Simply put, a circular economy is an industrial system that is restorative or regenerated by intention and design. Circular Economy replaces the end-of-life concept with restoration, shifts toward the use of renewable energy, reuse of materials and return to the biosphere.

Aim of Circular Economy Model

It aims to eliminate waste through the superior design of materials, products, systems and business models.

What are the benefits of circular Economy?

For Local Economy: By encouraging production models that reuse nearby waste as raw material.
Environment Protection: Lowering emissions, consuming fewer natural resources, and producing less trash.
Employment Growth: Development of a new, more inventive, and competitive industrial model, resulting in higher economic.
Reduces Resource Dependence: Reusing local resources can significantly reduce reliance on imported raw materials.

Why Is Circular Economy Important For India?

Technology has widely changed how we live, sustain and work since the dawn of the Digital India revolution. It works to make our lives easier and better all over the world. In this regard, the growth of electronics has also raised a more serious issue of e-waste.

What is E-Waste?

Any waste associated with electric and electronic equipment is known as e-waste, including functional and broken things discarded.

Why Is E-Waste Harmful, And How Can Circular Economy Help Reduce It?

E-waste and disposal are serious environmental issues that affect the entire planet. However, when we buy anything, we don't think about the materials utilized, where they came from, or where they will go after use.

As awareness about climate change is rising, we are witnessing a global movement from a linear to a circular manufacturing paradigm. The linear Economy is transitioning into the circular Economy. This is essential in electronics recycling as well, where the circular Economy for e-waste has been in the long implementation process.

Metal Sector Needs To Be At Forefront Of Circular Economy Model; Says Union Minister

Union Minister Scindia highlighted that the consensus seems to have emerged across the globe that a circular Economy is the only way to conserve resources. We must understand that the future of humanity cannot be built on a take-make-dispose model, i.e., Linear Economy. The metal sector needs to be at the forefront of the circular economy model in view of its pervasive applications besides the inherent potential of metals to be amenable and adaptable to business models following 6R principles of Reduce, Recycle, Reuse, Recover, Redesign and Remanufacture, the Minister further added.

Scindia added that the metal industry is highly energy intensive industry and thus cause large carbon emission, which is a major challenge for the global community thus we have to adapt new technologies to achieve the goal of zero carbon emission. We all agree that in today's technological dominated world, nothing is wasted and all so-called wastes can be converted into resources for wealth creation by adoption of suitable technology, the Minister stated.

India's Mining & Metal sector is set for robust development in view of the expected jump in demand to support the emerging boom in growth in the automotive, infrastructure, transport, space and defence. The challenge in this fast-paced world is to confront the by-products of sectors such as steel, which is at the same vital for Economy and on the other hand is hard to abate the sector with respect emission of carbon dioxide. Steel Makers across the globe are set on a course to evolve suitable strategies to tackle the twin challenges of environmental sustainability and circular Economy.

Committees To Promote Circular Economy

The Minister said the Government of India had taken the timely initiative through NITI Aayog by forming 11 committees to promote Circular Economy in various sectors, including the Metals sector covering Ferrous and non-Ferrous metals.