India’s circular economy could generate a market value of over $2 trillion and create close to 10 million jobs by 2050.
This was stated by the Union Minister for Environment, Forest & Climate Change Bhupender Yadav at the 12th Regional 3R and Circular Economy Forum in Asia and the Pacific going on in Jaipur on Tuesday.
"The ‘circular economy’ is 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,' said Yadav.
Yadav informed the forum about India’s candidacy for organizing the World Circular Economy Forum in the year 2026. Every year, the World Circular Economy Forum is organized and in this year, 2025 it is being organised in Sao Paulo, Brazil. India has expressed the willingness to host World Circular Economy Forum 2026.
Emphasising on the steps taken, the Minister said, 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, MoEFCC has notified the Eco-Mark Rules to encourage demand for environmentally friendly products while promoting energy efficiency and circular economy principles.
He further said, Circular Economy Action Plans for 10 waste categories have been finalized, for which 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.