Circular Economy likely to Generate 1.4 crore Jobs in 5-7 years, Says, NITI Ayog CEO Amitabh Kant announced that Circular Economy has the potential to generate 1.4 crore jobs in the next 5-7 years and create lakhs of new entrepreneurs
By Bhavya Kaushal •
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In the "3rd Edition of Circular Economy Symposium 2019' organised by FICCI, the CEO of NITI Ayog made a significant announcement. Amitabh Kant announced that Circular Economy has the potential to generate 1.4 crore jobs in the next 5-7 years and create lakhs of new entrepreneurs.
What is the Circular Economy?
As opposed to a linear economy, circular economy is an alternative to a traditional linear economy (make, use, dispose) in which we keep resources in use for as long as possible, extract the maximum value from them whilst in use, then recover and regenerate products and materials at the end of each service life, according to WRAP.
This kind of economy ensures the minimum waste and fuller utilization of resources.
Kant further highlighted that by 2050, the world population would reach 9.7 billion of which 3 billion people would prosper to middle class consumption level. This, he said, would require 71 per cent more resources per capita, thereby raising total mineral and material demand from 50 billion tonnes in 2014 to 130 billion tonnes in 2050.
End of Life Vehicle
Amitabh Kant added a significant point that has been the need of the hour. He said that the "End of Life Vehicle' policy was implemented with dated emission standards then by 2021, over 22 million vehicles will be off the road. This would include 80 per cent two-wheelers, 14 per cent cars, and 3 per cent each of three-wheelers and commercial vehicles. "End of Life Vehicles present a huge business opportunity for growth, wealth creation and jobs," he elaborated.
Having 22 million vehicles off-road will ease out many creases in the realm of environmental problems, entrepreneurship, employment etc.
The role of non-government organizations is crucial here and Kant emphasized of their crucial role in the event.
He stressed upon the need for promoting non-government organizations to spread awareness and developing Circular Economy as a national agenda. "This initiative should be firmly supported as these non-government organisations operate at the grass-roots level and can be useful agents of change," he said.
