MUMBAI, Maharastra: The All-India Association of Industries and the Mumbai-based M Visvesaraya Industrial Research and Development Centre (MVIRDC) World Trade Centre, which promotes international trade, together is hosting an interactive session on promotion of circular economy for sustainable living, which has the potential to cut India’s trade deficit in bulk minerals and ores by 5 billion US dollars.
In order to debate the path for India’s transition from a linear economic development model to a circular economy, experts from corporate houses, start-up businesses, IIT Bombay, and consultant organisations will be participating, according to an official announcement on Tuesday.
In a linear economy, products are created, used, and eventually disposed of as waste. Contrarily, in a circular economy, these products are created and engineered to be repurposed, upgraded, re-manufactured, or recycled at the end of their useful lives, preventing the creation of waste.
The circular economy will help the economy thrive and create jobs while also being good for the environment and the industry. The utilisation of recycled raw materials will lower operating costs for the business, but this model will also protect the environment by eliminating the dumping of garbage in landfills and it will create jobs in a number of developing industries.
“To extend the longevity and recyclability of products, we need to embrace a circular approach at the production side through creative design and manufacturing approaches. The majority of our problems, including rising trade imbalances, high input costs, and environmental pollution, may be resolved by a circular economy, according to Rupa Naik, Executive Director of the MVIRDC World Trade Center in Mumbai.