10 million jobs, 2 trillion USD market: What is this circular economy that could reshape India?

India’s circular economy could generate over 2 trillion USD in market value and create nearly 10 million jobs by 2050, according to Union Environment Minister Bhupender Yadav.

Speaking at the 12th Regional 3R and Circular Economy Forum in Asia and the Pacific in Jaipur on Tuesday, Yadav called this model a transformative shift that could redefine sustainability and economic growth in India whereas globally, the circular economy is projected to add 4.5 trillion USD to the world economy by 2030.

What Is a Circular Economy?

Unlike the traditional ‘take, make, waste’ system, a circular economy focuses on reusing, recycling, and regenerating materials.

The system aims to eliminate waste by keeping products and resources in use longer. For example, discarded plastics can be recycled into new packaging, old electronics can be refurbished, and construction waste can be repurposed.

How It Is Different From Current Systems

1. Resource Use: Traditional markets rely on extracting virgin resources (like minerals and fossil fuels), leading to scarcity but circular systems recover materials from waste.

2. Production: Linear models prioritize short-term profits, while circular designs emphasize durability, repairability, and recyclability.

3. Environmental Impact: Circular practices cut pollution, reduce landfill waste, and lower greenhouse gas emissions.

4. Jobs: Recycling, remanufacturing, and upcycling industries are labour-intensive, offering employment across skill levels.

How India Can Achieve 2 Trillion USD by 2050 with Circular Economy

Fresh jobs: Labor-intensive sectors like waste management and upcycling are expected to provide job opportunities, particularly in urban and rural areas.

Waste to Wealth: Recycling metals, plastics, and e-waste could unlock massive value. India’s e-waste rules and plastic waste policies already push businesses to adopt sustainable practices.

Tech Innovations: Waste-to-energy plants, biogas projects, and digital platforms for resource sharing can drive efficiency.

Global Leadership: By hosting the 2026 World Circular Economy Forum, India aims to attract investments and showcase solutions like low-cost recycling models.

Nearly 10 million jobs could emerge in urban and rural areas, from waste pickers to engineers designing recyclable products. Additionally, skilling programs could harness this potential.