Circular economy is the next big thing after Industry 4.0. According to UNCTAD, the circular economy could create more than 7 million jobs and unlock up to $4.5 trillion in global economic growth by 2030. According to Ellen MacArthur Foundation estimates, India alone could save costs amounting 11% of its current GDP in 2030 and 30% of GDP in 2050 if proven circular approaches were adopted by the public and private sectors. Greenhouse gas emissions could be cut by 44%.
Large scale business and job opportunities expected to emerge across engineering sectors in areas like:
- Advanced Technologies for Sustainable manufacturing
- Repair, Maintenance and Refurbishment technologies
- E-Waste Disposal and Recycling
- Fossil fuels pollution control and emissions reduction
- Closed-loop material supply chains
- Automation, sustainable product designing and customization
- Remanufacturing
- Plastics, Packaging Recycling
- Green and Renewable Energy
Circular economy based business models are crucial for India’s ambitious Net Zero emissions target by 2070
The circular economy presents a unique opportunity for MSMEs to gain a competitive advantage in the global market. By embracing circular engineering practices, MSMEs can reduce costs, improve resource efficiency, and build brand loyalty with environmentally conscious consumers.”
