India’s circular economy could generate a market value of over $2 trillion and create close to 1 crore jobs by 2050, Union Environment Minister Bhupender Yadav said on Tuesday (4 March).
Speaking at the 12th Regional 3R and Circular Economy Forum in Asia and the Pacific, Yadav said the ‘circular economy’ may be about to drive one of the biggest transformations in business since the Industrial Revolution 250 years ago, according to a statement by the Ministry of Environment, Forest and Climate Change.
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.
Yadav also informed the forum about India’s candidacy for organising the World Circular Economy Forum in the year 2026.
Every year, World Circular Economy Forum is organised 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.
The minister said that 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 finalised, 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.