Innovative Models for an Inclusive Circular Bio-Economy

Introduction
The realities of the world are undergoing a paradigm shift and newer things are gaining importance more than ever before whereas things and concepts which have worked so far are increasingly being discarded. and, these changes are ubiquitous and being observed in every sector and strategic responses. For example, in the context of India, a decade ago in pursuit of financial inclusion, new banking entities were being created and a decade later, the Merger & Acquisitions between the same banking entities are encouraged so as to minimize operational cost. Likewise, a decade ago, globally China – entry strategies were preferred whereas today China – exit strategies have become important, this indicates that the world is more dynamic than ever before and agility and ability to respond to needs of the hour is the only best foot forward. Accordingly, at this point in time, there is an unparalleled demand for sustainable solutions to meet which we need innovative models underpinned by an inclusive circular bio-economy. 

The sustainability context
It’s often said that “waste isn’t a waste until we waste it” and there couldn’t be a more real statement. In modern days we often switch to a new phone and immediately the old phone gets classified as an e-waste until and unless there is a taker for it. At times, in the journey of e-commerce a product gets returned and then it faces a similar dilemma as well until it has an opportunity to get the status of refurbished and get reused. So, the world is in the midst of transformation where it has never seen before this high quantum of waste which is on a constant rising curve. Having said that, corporate actions are also on the side of increasing waste i.e. increasing consumption, and often discouraging repairs such that there is a re-purchase leading to higher revenues and that in a way guarantee employment to CXO’s by way of creation of shareholder value. In such a complex environment, someone must ensure that knowledge, research, science and innovation goes hand in glove with production, utilization and more importantly conservation of bio resources that make up bio-economy.

India’s Circular bioeconomy eco-system at a glance
A potential solution before India is to shift towards a circular bioeconomy system. The circular bioeconomy is an economic system that combines the principles of circular economy and bioeconomy. It focuses on maximizing the value of biomaterial resources as much as possible and minimizing waste generation. This approach utilizes renewable biological resources to produce food, materials, and energy, while also highlighting investment in human, social, natural, and physical capital. In a circular bioeconomy, the use of biomass plays a significant role in continuous production and contributes to the overall improvement of the economy. There are many favorable factors enabling it in India like the ecological diversity and demand, well-established R&D setup & industrial track record, skilled manpower, the government’s emphasis on promoting traditional knowledge and circular economy, and a favorable eco-system for commercialization that contributes to the growth of any country. The circular economy is a production and consumption model that aims to make the most of resources by eliminating waste and pollution, circulating products and materials, regenerating nature, extending the life of products, reducing the consumption of raw materials, recovering waste by recycling or giving it a second life. There are 5 key constituents of the related eco-system i.e. bio pharma, bio agriculture, bio industrial, bio energy, bio services. If we as a country can focus on these constituents, then we can achieve four important goals simultaneously:
(a) climate and energy goals
(b) improve food security and sustainability
(c) secure supply chains
(d) valorisation of wastes and residues.

Then, overall growth of the economy in a sustainable manner is nearly guaranteed.