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India can create 14 million jobs by investing in sustainable development

Sanchita Dash | Business Insider India | Jun 18, 2019, 08.46AM IST
  • Speaking at a FICCI event, Niti Aayog CEO Amitabh Kant said India’s circular economy will create 14 million jobs in the next 5-7 years.
  • India is already a leader in circular economy investments.
  • Sustainable development and resource circularity is an inescapable necessity today.
Amidst India’s looming job crisis, the country’s circular economy will create 14 millions in the next 5-7 years, said Amitabh Kant, CEO of think tank NITI Aayog.

Circular economy refers to an economic system which prioritizes waste management and maximum utilization of resources.

“By 2050, world population would reach 9.7 billion of which 3 billion people would prosper to middle class consumption level. This would require 71% more resources per capita, thereby raising total mineral and material demand from 50 billion tonnes in 2014 to 130 billion tonnes in 2050,” said Kant, speaking at an event by Federation of Indian Chambers of Commerce and Industry (FICCI).

Between economy and ecology

Kant also pointed out that India is the fourth largest producer of e-waste in the world. He also suggested that India needs a reconciliation between economy and ecology. Sustainable development and resource circularity is an inescapable necessity today said the NITI Aayog CEO.

The effects of avoiding optimum utilization of resources will be high as well. “The corresponding economic impact of these current trends could induce price volatility and supply chain interruptions in critical and strategic materials, leaving a $4.5 trillion loss in global economic growth which could rise to $25 trillion by 2050,” he added.

According to a report released by London’s Chatham House, India is leading in circular economy investments made by developing nations. The report says that India can save $218 billion of its GDP by promoting circular economy.

India’s urban population of over 377 million generate 62 million tonnes of municipal solid waste every year, according to a report by Down to Earth, Meanwhile, India’s waste management industry is reported to have reached $14 billion by 2025.

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