Survey Report | July 2024
New Delhi, India
India is on track to become the world’s third-largest economy, entering a crucial phase in its sustainable development journey. As the nation aims for economic growth and achieving the Sustainable Development Goals (SDGs), enhancing waste management infrastructure and transitioning to circular practices becomes increasingly urgent. A circular economy strategy benefits businesses, the public, the environment, and society overall.
According to a PMEAC report, India has seen an increase in consumption from 1.18 billion tonnes to 7 billion tonnes, potentially doubling to 14.2 billion tonnes by 2030. E-waste is also expected to surge due to rapid growth in solar and wind energy infrastructure and EV adoption, with solar Photovoltaic module waste projected to increase from 100 kt in FY23 to 340 kt by 2030, and 500 kt of EV batteries expected to reach recycling units. India generates 7,800 kt of textile waste annually, accounting for 8.5% of global textile waste.
Given these circumstances, transitioning to a circular economy is crucial for India, considering its growing population, urbanization, environmental challenges, and international commitments. Strategies like regenerating ecosystem services, minimizing hazardous materials, reusing products, recycling materials, and recovering energy from residual flows are essential. Success will depend on effectively incorporating technology and innovation. India’s startup ecosystem is pivotal in advancing sustainability goals and addressing environmental issues. By 2030, India is projected to host over 180,000 startups with significant capital investments, with nearly 400 startups already active in the circular economy space.
Chase India and the International Council for Circular Economy (ICCE) conducted a survey titled “Startups Accelerating Circular Economy for Sustainable Bharat” to gather insights from startups in recycling, waste management, agriculture, AI-enabled services, sustainable product manufacturing, and sustainable fashion. The survey aimed to identify gaps and challenges in the circular economy from the perspectives of policy frameworks, infrastructure, technology adoption, and other crucial factors. The findings provide an overview of the state of circular economy startups, their regulatory interactions, consumer awareness levels, and the essential role of government support.
ICCE, the International Council for Circular Economy, stands as the premier and largest international network for professionals, corporates, and organizations engaged in advancing the Circular Economy. With a resolute mission, ICCE is dedicated to expediting the transition to a restorative and regenerative economic model that emphasizes circularity at its core. By harnessing expertise and strategic guidance, ICCE endeavors to cultivate a resilient and thriving local network that drives circularity from the grassroots level. Embracing a global perspective, ICCE is a thought leader in the global south and is spearheading transformative change on a global scale. Established in 2020, ICCE has made significant strides in propelling the Circular Economy movement in India. As a pioneer think tank, ICCE has successfully placed the circular economy on the agendas of decision-makers across various sectors including business, government, and academia. For more information, please visit www.ic-ce.com
About ICCE
About Chase India
Founded in 2011, Chase India is a leading public policy research and advisory firm with growing practices in Technology & Fintech, Transport & Infrastructure, Healthcare & Life Sciences, Development and Sustainability. We provide consultancy services to organizations for mitigating business risks through insight-based policy advocacy. Over the years, Chase India has collaboratively worked with multiple stakeholders such as government, parliamentarians, civil society organizations, academia and corporates on several policy issues of critical importance. Chase India is committed to using its knowledge, high ethical standards and result-oriented approach to drive positive action for our partners. Chase India has pan India presence with offices in New Delhi, Mumbai, Pune, Hyderabad, Chennai and Bengaluru and is a part of the WE Communications Group worldwide. For more information, please visit www.chase-india.com