NEW DELHI: India’s circular economy is expected to have a market value of $2 trillion and create 10 million jobs by 2050, Union environment minister Bhupender Yadav said on Tuesday.
“Adopting circular economy principles can bring tremendous economic benefits… It is a big opportunity for start-ups and new recycled product developers,” he said while addressing a conclave, organized by the Recycling and Environment Industry Association of India (REIAI), on ‘Waste Recycling & Climate Change 2025’.
Noting that India currently generates around 62 million tonnes of waste annually, with plastic, electronic, and hazardous waste growing rapidly, the minister said, “It is important to align this growth with environmental sustainability, drawing inspiration from nature’s efficient recycling systems as nobody recycles like nature.”
Yadav also urged the recycling industry in the country to develop and adopt newer innovative technologies for reducing dependence on natural resources as well as cutting down imports of critical minerals needed for economic growth.
“The circular economy is not just an alternative. It is essential. It marks a fundamental shift in how we produce, consume, and manage materials,” he said, adding that a well-functioning circular economy not only conserves natural resources but also fosters industrial innovation, economic competitiveness, and job creation.
The minister, on the occasion, also enlisted measures which are being taken up by the government to promote circularity and ensure sustainability across various sectors of the economy.
He said his ministry has been instrumental in formulating policies and regulations, including Extended Producer Responsibility (EPR) frameworks, that incentivize recyclers and integrate the informal sector into formal recycling systems. “These initiatives aim to streamline waste management and promote eco-friendly production across industries,” he said.
The ministry has already notified a number of market-based EPR regulations, including those on e-waste, end-of-life vehicles, plastic packaging, waste tyres, waste batteries, and used oil.
