India could add benefits by joining the circular economy, according to a UN watchdog.
If India reused and recycled the country could benefit as “products and services” would be cheaper, reported the Economic Times on an article from the United Nations Conference on Trade and Development (UNCTAD) watchdog. The body said that “resorting to a circular economy” could essentially “maximise utility of products, components and materials”.
The report added that “a circular economy development path in India could create annual value of Rs 14 lakh crore ($218 billion/€202 billion) in 2030 and Rs 40 lakh crore ($624 billion/€579 billion) in 2050 compared with the current development scenario”. The Ellen MacArthur Foundation wrote the report with the assistance of the Indian Government, business and UNCTAD, noting that “shifting from selling cars to providing vehicles as a service can create new revenue streams for the automotive industry and capture the value of more intensive use of each car”.
The report also stated that there had been “recent initiatives by businesses, government bodies and non-profits in India to align with circular economy”, and also said that “Indian habits are deeply ingrained with circularity with high rates of utilisation and repair of vehicles and recycling to material post-use”. It also pointed out that “the lower costs could also help India implement such initiatives as Pradhan Mantri Awas Yojana and the National Food Security Mission”.
The report found that with the expanding population and the needs of cities and housing, “renewable and recycled materials and modular construction methods can minimise waste and reduce construction costs”.