What is the Role of Circular Economy in Making Sustainable Bharat?

What is a circular economy, and why is it vital for our future? How are innovations and technological advancements shaping this transition in India? As we face the escalating challenges of environmental degradation and resource scarcity, the answers to these questions become increasingly crucial. In this interview, we delve into the intricacies of the circular economy and its transformative potential with Ms. Shalini Goyal Bhalla, Managing Director of the International Council for Circular Economy (ICCE).

The India Circular Economy Forum (ICEF) has emerged as a pivotal platform for driving the conversation around sustainable practices in India. This annual event gathers industry leaders, policymakers, innovators, and stakeholders to discuss and promote the principles of the circular economy. The 2024 edition, held under the theme of innovation and technology, highlights the critical role of technological advancements and startups in fostering a sustainable future.

TICE.News got into an exclusive conversation with Ms. Shalini Goyal Bhalla, Managing Director of the International Council for Circular Economy (ICCE), for an exclusive interview at the India Circular Economy Forum 2024.

The India Circular Economy Forum 2024, now in its third edition, embraces the theme of innovation and technology, showcasing the strides being made within India’s industrial and startup ecosystem. Ms. Shalini Goyal Bhalla elaborated on the goals of this year’s forum, highlighting its focus on technological advancements and their pivotal role in India's green transition.

Innovation and Technology at the Forefront

“This year's forum is dedicated to innovation and technology, aiming to spotlight the industrial and startup ecosystem's innovations and technological advancements that are driving a circular transition in India. We are examining the leading technologies that could pave the way for a greener future and how this contributes to India's growth story,” explained Ms. Bhalla.

ICEF 2024

Reflecting on the evolution of the forum, Ms. Bhalla shared, “Each year, we adopt a different theme. This year’s focus on technological advancement is a shift from last year’s theme, which centered on the principles of circularity. The discussions this year are more centered on how corporates, industries, and startups are adopting circular business models. Unlike the first two editions, which focused on policy perspectives, this forum is a significant step towards a sustainable Bharat.”

Challenges to Achieve Circular Economy

On the challenges of achieving a circular economy in India, Ms. Bhalla emphasized the dynamic nature of global and Indian policy landscapes.

“Most economies, including India, are evolving towards a circular transition. The challenge lies in systemic thinking—a shift in production processes, procurement of sustainable products, and ultimately, transforming business models to be more circular. Despite these challenges, I am confident that with industry understanding and leadership, we can overcome them.”

Circular Economy for Startups

Startups are at the heart of this year’s forum, and the ICCE is committed to supporting their growth. Ms. Bhalla revealed, “ICCE, in collaboration with Chase India, has launched a report on startups in India and their role in building a sustainable Bharat. Our survey with startups has yielded valuable insights, which we are presenting to the Government of India to shape a policy landscape that incentivizes circular business models through subsidies and other means.”

Ms. Bhalla underscored the forum’s role as a collaborative platform. “ICCE’s platform allows for learning, sharing, exchanging ideas, and networking. The enthusiasm to learn from and collaborate with each other is palpable among speakers, delegates, and participants. This collaboration is vital for building momentum and driving the circular economy forward.”

Circular Economy in India

Challenging the notion that circular economy is a new concept in India, Ms. Bhalla stated, “Circular economy is not new to India. Our traditional practices of sustainability, repair, and reuse have always been circular. However, integrating these practices within an industrial framework is relatively new. Initiatives like Mission LiFE, which focuses on changing consumer behavior towards sustainability, are crucial. India has the opportunity to leapfrog and lead the dialogue on circular economy in the Global South, a vision ICCE has been advocating for.”

With a positive outlook and unwavering commitment, Ms. Shalini Goyal Bhalla envisions a future where India stands at the forefront of the global circular economy movement. Thais Today extends gratitude to Ms. Bhalla for her insights and leadership in this transformative journey.