SME Times News Bureau | 31 Aug, 2019
Commerce and Industry Piyush Goyal recently emphasised
on the importance of circular economy at the 14th CII Sustainability Summit
Speaking at the event, Goyal stressed the
importance of Circular Economy as the key component of sustainability.
He said that ‘keeping it simple with minimal
resources’ has been the Indian ethos, which has been inculcated from our
Out of the 17 Sustainable Development Goals, Goal
12 particularly relates to responsible consumption and production. This must be
looked at as a very serious commandment where industry leaders have a big role
to play in the way people plan their lives.
He mentioned that Indian government has been at the
forefront of the LED moment, which helped India bring down carbon footprint and
led to lower electricity bills. It was based on affordable prices, which was
later scaled up by the private sector.
He expressed that Indian Railways will be 100%
electrified in 3-4 years, resulting in reduction of carbon emissions. In 10
years, it will run on 100% renewable energy, and there will be net zero
emissions due to battery storage capability.
He stated that the concept of Circular Economy
ensures that everything around us finds an effective value and non-usable waste
is reduced to a bare minimum. According to a study, circular economy trajectory
could bring annual benefits of ?40 lakh crore (USD 624 billion) by 2050.
He called out to youngsters and start-ups and said
that the government is ready and willing to encourage any ideas that help us
move towards a sustainable economy.
Acknowledging the dearth of natural resources and
the consequences of the linear take-make-dispose model, which has consequences
on environment, social inequity and climate change, Sanjiv Puri, Chairman,
Advisory Council of CII-ITC Centre of Excellence for Sustainable Development
Chairman and Managing Director, ITC Limited expressed that any resource not
fully utilized can be deployed to make a purposeful contribution.
He further elaborated that a transition to a
circular economy, a tectonic shift is required in the way we work today.
A holistic approach is needed to look at the whole
value chain from production to consumption, to see how we can re-engineer this
Stating that resource efficiency and economic
growth are linked, he mentioned that the economic organs of society, that is,
businesses, can make this change and find solutions.
Chandrajit Banerjee, Director General,
Confederation of Indian Industry congratulated the honourable Minister, Mr
Piyush Goyal for Indian Railways banning ‘Single Use Plastic’. He stressed that
ecological challenges need to be tackled on a war footing.