Round economic system might generate over $2 trillion in market worth, create 10 million jobs by 2050: Amitabh Kant

India’s G20 Sherpa and former Niti Aayog CEO Amitabh Kant.
| Photograph Credit score: PTI

India’s round economic system may generate a market worth of over $2 trillion and create 10 million jobs by 2050, the nation’s G20 Sherpa Amitabh Kant stated Monday (December 16, 2024).

Addressing an occasion right here, Mr. Kant additional stated the round economic system could be a driver of development, and this transition not solely guarantees price financial savings but additionally positions India to capitalise on the worldwide round economic system market.

“This can be a big alternative as a result of, by 2050, India’s round economic system may generate a market worth of over $2 trillion and create near 10 million jobs,” he stated.

At the moment, the dimensions of the Indian economic system is $3.7 trillion.

Noting that industrialisation and urbanisation are creating an unsustainable India, Mr. Kant stated, “We’d like round economic system as a beacon of hope”.

The nation’s pure assets are depleted at an unsustainable tempo, producing large quantities of waste.

Whereas declaring that India is producing about near 1.6 lakh tonnes of municipal stable waste per day, he stated this underscores the urgency to maneuver in direction of a mannequin that decouples financial development from useful resource extraction.

“It is going to be not possible to dwell in India. It is going to be not possible to work in India…subsequently, the round economic system presents a extremely compelling answer to the dilemma that India is going through as a result of speedy urbanisation and industrialisation by holding assets in use for so long as attainable, extracting most worth from them and regenerating pure programs,” Mr. Kant stated.

In accordance with Mr. Kant, the round mannequin not solely reduces waste and environmental hurt but additionally creates new financial alternatives.

India’s transition to circularity requires a deliberate and coordinated effort throughout sectors, and it must be pushed by innovation, R&D and sturdy coverage intervention, he added.