Why in the news?
- At a time when India is slated to host the World Circular Economy Forum next year (2026), Finland plans to hold road shows across major cities in India to highlight circular economy and the opportunities it will generate.
Circular Economy
- Definition: A Circular Economy (CE) is an economic system that aims to eliminate waste and promote resource efficiency by ensuring that materials are reused, repaired, refurbished, or recycled.
- Key Principles of a Circular Economy:
- Reduce waste and pollution by designing sustainable products.
- Extend product life cycles through reuse, repair, and refurbishment.
- Recycle materials and convert waste into resources.
- Use renewable energy to minimize environmental impact.
- Promote sustainable consumption and production.
- Importance of Circular Economy for India
- Economic Benefits: Reduces raw material dependency, creates jobs, and lowers production costs.
- Environmental Benefits: Reduces pollution, carbon footprint, and waste generation.
- Social Benefits: Supports waste workers, promotes sustainability, and improves public health.
- Government Initiatives
- Waste Management Rules (2016): Covers e-waste, plastic waste, and bio-medical waste.
- Extended Producer Responsibility (EPR): Companies must manage post-consumer waste.
- National Resource Efficiency Policy (NREP) 2019: Promotes efficient resource use.
- Swachh Bharat Mission: Focuses on waste segregation and recycling.
- Vehicle Scrappage Policy (2021): Encourages recycling of old vehicles.
- Plastic Waste Management Rules (2022): Phases out single-use plastics.
- Challenges in India
- Lack of Awareness: Limited understanding of circular economy benefits.
- Weak Infrastructure: Poor recycling and waste management facilities.
- High Initial Costs: Businesses find it expensive to switch.
- Informal Sector Issue: Many waste workers lack formal support.
- Policy Gaps: Weak enforcement of existing regulations.
Source: The Hindu