According to Amitabh Kant, the CEO of NITI Aayog, Circular Economy has the potential to create nearly one-and-half crore jobs in the next five to seven years and lakhs of new entrepreneurs.
While talking at ”Circular Economy Symposium 2019” in Delhi, Mr. Kant said that resource circularity and sustainable development are the need of the hour to implement the circular economy. The event was organized by FICCI.
“Circular economy has the potential to generate 1.4 crore jobs in the next 5-7 years & create lakhs of new entrepreneurs. Resource circularity is need of the hour to implement circular economy,” he said.
A circular economy is seen as an alternative to a traditional linear economy (make, use, dispose). In this, resources are kept in use for as long as possible, the maximum value is extracted from them whilst in use. The products and materials are recovered and regenerated at the end of each service life. The aim of the economic system is to minimize waste and make the most of resources.
Highlighting the need for legislation he further said that “Several countries have recognized the centrality of the circularity as the new paradigm for sustainable development. They have not only embraced the concept of circular economy in their daily life but also brought in regulations to ensure higher compliance and promote more reuse, refurbishment, and recycling.”
By 2050, the world population would reach 9.7 billion of which 3 billion people would prosper to middle-class consumption level, he said. This would require 71 percent more resources per capita, thereby raising total mineral and material demand from 50 billion tonnes in 2014 to 130 billion tonnes in 2050, he noted.