Circular economy means reintroducing waste back into the production cycle to produce new products and uses instead of wasting such materials with embedded resources. According to a report in June 2019, it has the potential to help generate 1.4 crore jobs in the next 5–7 years and create lakhs of new entrepreneurs.
Speaking at the ‘3rd Edition of Circular Economy Symposium 2019’, organised by FICCI, Niti Aayog CEO Amitabh Kant said that sustainable development and resource circularity is the need of the hour to implement this economy. The world population is estimated to reach 9.7 billion, of which 3 billion people would prosper to middle-class consumption level.
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This would require 71 per cent more resources per capita, thereby raising total mineral and material demand from 50 billion tonnes in 2014 to 130 billion tonnes in 2050. Herein is the importance of circular economy for resource efficiency, which has gained prominence as a policy goal for sustainable development in recent years, is closely linked to the concept of circular economy. It is imperative for non-government organisations to spread awareness to develop this as a national agenda.