NEW DELHI: Union minister Bhupender Yadav said on Tuesday that India’s circular economy has the potential to create a market worth over $2 trillion and generate nearly 10 million jobs by 2050.
He said the circular economy may be about 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,” the Union Minister for Environment, Forest and Climate Change said at the 12th Regional 3R and Circular Economy Forum in Asia and the Pacific in Jaipur.
He said India has expressed the willingness to host World Circular Economy Forum (WCEF) 2026. This year’s annual Forum is organised in Sao Paulo, Brazil.
Emphasising on the steps taken, the minister further said that India remains committed to addressing plastic waste challenges and their associated ecological impacts.
Yadav further stated that a Circular Economy Action Plan has been finalised for 10 categories, with the regulatory and implementation frameworks currently being worked on. “Circular Economy Action Plans for 10 waste categories have been finalised, for which the regulatory and implementation framework is under progress.
India has already notified various waste management and extended producer responsibility rules in certain sectors, such as the Plastic Waste Management Rules, e-Waste Management Rules, Construction and Demolition Waste Management Rules, and Metals Recycling Policy, among others,” Yadav said.
On the occasion, a portal, Waste to Wealth, an innovative online platform developed under the Swachh Bharat Mission (SBM) was launched. The website is designed to enhance project monitoring, streamline data management, and facilitate resource sharing, thereby supporting the mission’s broader objective of transforming waste into valuable resources. This initiative aligns with the government’s commitment to sustainable urban development and effective solid waste management.
The minister said that through the Plastic Waste Management Rules of 2016, significant steps have been taken targeting municipal, industrial, residential and commercial sectors. He said that in 2022, a ban on certain categories of single-use plastics was imposed.
On the second day of the forum, the CSIR and Ministry of Housing and Urban Affairs signed an MoU to promote scientific collaboration in waste management.