Circular Economy To Drive Biggest Biz Change Since Industrial Revolution

The Plastic Waste Management Rules (2016) have led to significant measures targeting municipal, industrial, residential, and commercial sectors

India has banned certain categories of single-use plastics in 2022.

India’s circular economy could generate a market value of over $two trillion and create close to 10 million jobs by 2050, Minister for Environment, Forest & Climate Change Bhupender Yadav said.

Speaking at the 12th Regional 3R and Circular Economy Forum in Asia and the Pacific recently, he said that the circular economy is likely to drive one of the biggest transformations in business since the Industrial Revolution 250 years ago. Through a radical departure from the traditional ‘take, make, waste’ production and consumption models, the circular economy could provide a potential $4.5 trillion in additional economic output by 2030 world over, an official press release said.

Yadav also informed about India’s candidacy for organising the World Circular Economy Forum in 2026. Every year, World Circular Economy Forum is organised and this year it is being organised in Sao Paulo.

Emphasising the steps taken, he said that India remains committed to addressing plastic waste challenges and their associated ecological impacts. The Plastic Waste Management Rules (2016) have led to significant measures targeting municipal, industrial, residential, and commercial sectors.

India has banned certain categories of single-use plastics through notification in 2022. In alignment with the Mission LiFE initiative, his ministry has notified the Eco-Mark Rules to encourage demand for environmentally friendly products while promoting energy efficiency and circular economy principles.

He further said that circular economy action plans for 10 waste categories have been finalised, for which regulatory and implementation framework is under progress.