Recycling Industry Poised to Hit $3 Trillion in Two Decades: Ministry of Environment The FICCI-RECEIC-HUL report forecasts that India's chemical sector will expand to $300 billion by 2030 and reach $1 trillion by 2040.
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India's recycling industry is set to reach $3 trillion over the next 20 years, according to Ved Prakash Mishra, Joint Secretary at the Ministry of Environment, Forest & Climate Change (MoEF&CC). Speaking at the 'Global Symposium on Resource Efficiency & Circular Economy,' organized by the Resource Efficiency and Circular Economy Industry Coalition (RECEIC) in collaboration with FICCI and MoEF&CC, Mishra emphasized that a shift to a circular economy is not a choice but an urgent necessity.
"We need to transform into a circular economy, and cannot rely anymore on the take, make and dispose model. It is imperative for us to adopt, and we no longer have any other option as of now," Mishra stated. He highlighted that most materials used in manufacturing can be recycled, while non-recyclable plastics and other materials can still be repurposed for energy recovery and fuel.
Mishra also pointed to the government's efforts in driving this transition, citing the launch of extended producer responsibility (EPR) policies in key sectors such as plastics, e-waste, batteries, and used oil, with more policies in the pipeline.
The symposium also marked the release of two critical reports: FICCI-RECEIC - Packaging Reimagined 2.0: Alternate & Sustainable Solutions and FICCI-RECEIC-HUL: Transitioning The Chemical Industry To A Net Zero Pathway. The 'Packaging Reimagined 2.0' report warns that India's reliance on problematic packaging could result in material value losses of approximately $160 billion by 2030, a tenfold increase from the current $16 billion. However, it also highlights the potential of circular interventions to unlock an estimated $107 billion in material value by 2030. The report further suggests that sustainable packaging solutions could generate approximately 6.5 million green jobs in India.
Meanwhile, the 'FICCI-RECEIC-HUL' report forecasts that India's chemical sector will expand to $300 billion by 2030 and reach $1 trillion by 2040. It notes the necessity of policy support for transitioning to bio-based feedstocks while ensuring that industries across sectors contribute to net-zero goals without undermining each other.
Industry leaders at the event stressed the importance of collaborative efforts in resource efficiency. Manish Sharma, chair of the RECEIC Steering Committee and Chairman of Panasonic Life Solutions, India and South Asia, remarked on the need for proactive measures to drive energy security through energy transition. "Our belief at RECEIC is that we are not looking at topics like enabling energy transition in the most effective manner, but we are wanting to drive energy security through energy transition by enabling actions which are required today," he said.
Janardhanan Ramanujalu, vice president of SABIC's Indian region, underlined the significance of value chain integration in circular economy efforts. "A good value chain integration offers opportunities which are beyond the obvious. We need to extend our perspective beyond individual factories, manufacturing plants, buildings, and think about how we can interconnect and integrate for resource efficiency," he said.
Sashidhar Vempala, chief sustainability officer at Hindustan Unilever, stressed the long-term implications of regenerative material growth. "In current times, it is not just a policy decision. It is important for all of us to look at it for the generations to come," he said.
