Union Minister Bhupender Yadav on Tuesday said India's circular economy has the potential to create a market worth over $2 trillion and generate nearly 10 million jobs by 2050.
"On a global scale, the circular economy could contribute an additional $4.5 trillion to the global economy by 2030," he said, while speaking on the second day of the 12th Regional 3R and Circular Economy Forum for the India and Pacific region in Jaipur.
The Union Minister for Forest, Environment and Climate Change said the circular economy will bring about the most significant transformation in trade. This shift will revolutionise the traditional "take, make, waste" model of production and consumption.
The minister said that through the Plastic Waste Management Rules of 2016, significant steps have been taken targeting municipal, industrial, residential and commercial sectors.
He said that in 2022, a ban on certain categories of single-use plastics was imposed.
Yadav further stated that a Circular Economy Action Plan has been finalised for 10 categories, with the regulatory and implementation frameworks currently being worked on.
On the second day of the forum, the Council of Scientific and Industrial Research and Ministry of Housing and Urban Affairs signed a Memorandum of Understanding to promote scientific collaboration in waste management.
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