Circular economy may generate over $2 trillion in market value, create 10 million jobs by 2050: Amitabh Kant

India's circular economy potential: $2 trillion market value, 10 million jobs by 2050, says G20 Sherpa Amitabh Kant.

India's circular economy could generate a market value of over $2 trillion and create 10 million jobs by 2050, the country's G20 Sherpa Amitabh Kant said Monday (December 16, 2024).

Addressing an event here, Mr. Kant further said the circular economy can be a driver of growth, and this transition not only promises cost savings but also positions India to capitalise on the global circular economy market.

"This is a huge opportunity because, by 2050, India's circular economy could generate a market value of over $2 trillion and create close to 10 million jobs," he said.

Currently, the size of the Indian economy is $3.7 trillion.

Noting that industrialisation and urbanisation are creating an unsustainable India, Mr. Kant said, "We need circular economy as a beacon of hope".

The country's natural resources are depleted at an unsustainable pace, generating massive amounts of waste.

While pointing out that India is generating about close to 1.6 lakh tonnes of municipal solid waste per day, he said this underscores the urgency to move towards a model that decouples economic growth from resource extraction.