India's Circular Economy Has $2 Trillion Potential: Bhupender Yadav
Union Minister for Environment, Forest and Climate Change Bhupender Yadav revealed that India's circular economy potential could open a market of over $2 trillion and create nearly 10 million jobs by the year 2050. At the 12th Regional 3R and Circular Economy Forum in Asia and the Pacific held in Jaipur, Yadav pointed out the transformative power of the circular economy, likening its effect to the industrial revolution of 250 years ago.
The circular economy, by breaking away from the conventional 'take, make, waste' pattern, could add another $4.5 trillion to the world economy by 2030, Yadav said. He also announced India's plans to host the World Circular Economy Forum (WCEF) in 2026, while this year's forum is held in São Paulo, Brazil.
Yadav highlighted India's resolve to fight plastic waste and minimize ecological footprints. A Circular Economy Action Plan for 10 categories of waste has been finalized, with regulatory and implementation frameworks in progress. India has already set up a number of waste management policies, such as the Plastic Waste Management Rules, e-Waste Management Rules, Construction and Demolition Waste Management Rules, and the Metals Recycling Policy.
As part of sustainable development initiatives, the minister inaugurated the 'Waste to Wealth' portal under the Swachh Bharat Mission (SBM). The web portal aims to improve project monitoring, make data management more efficient, and enable sharing of resources, all in support of the mission's objective of converting waste into useful resources.
Yadav also pointed towards landmark improvements under the Plastic Waste Management Rules of 2016, aimed at different sectors, and mentioned that a ban on certain single-use plastics was implemented in 2022.
Encouraging further collaborative work, the Ministry of Housing and Urban Affairs and the Council of Scientific and Industrial Research (CSIR) entered into an MoU to enhance scientific innovation in waste management.
Through these efforts, India is emerging as a world leader in sustainable practices, setting the stage for a successful circular economy that harmonizes economic growth with environmental stewardship.
