Niti Aayog CEO Amitabh Kant said at an event in Delhi on Monday that circular economy has the potential to create nearly one-and-half crore jobs in next five to seven years and create lakhs of new entrepreneurs. "Circular economy has the potential to generate 1.4 crore jobs in the next 5-7 years and create lakhs of new entrepreneurs. Resource circularity is need of the hour to implement circular economy," he said at the Circular Economy Symposium 2019 organised by FICCI.
As opposed to a linear economy, a circular economy uses the resources for as long as possible, extracting the maximum value from them till the end of their service life. In simplistic parlance, the resources are fully recycled for as long as possible. The circular economic system is aimed at minimising waste and making the most of the resources.
Kant also said that there is a need for legislation to promote the circular economy in the country. Several countries have recognised the centrality of the circularity as the new paradigm for sustainable development. They have not only embraced the concept of circular economy in their daily life but also brought in regulations to ensure higher compliance and promote more reuse, refurbishment and recycling," he added.
Kant also said that by 2050 the world population would reach 9.7 billion and out of that 3 billion would be in the middle-class consumption level. He noted that that 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.
Along with that Niti Aayog also emphasised on the need to promote non-government organisations to spread awareness and develop a circular economy as a national agenda.