Page 21 - NIS English 01-15 July,2025

Economy | COVER STORY

India’s economy India is a leader in promoting a circular economy
grew at a rate
of 105% in 10 ... It will be a $2 trillion market by 2050
years By largely abandoning the traditional ‘take, make, waste’ production and

According to the consumption model, the circular economy could add a potential $4.5 trillion
International Monetary in additional economic output worldwide by 2030. Specifically in relation
Fund (IMF), India’s to India, it has been estimated that, by 2050, India’s circular economy could
economy has grown at generate a market value of over $2 trillion. Not only this, but it can also create
a rate of about 105 per about one crore jobs. In the last 11 years, India has taken many initiatives to
cent between 2015 and promote the circular economy. This is the reason why India is achieving the
2025. This is the fastest goals related to carbon emissions and the environment ahead of time...
economic growth even
when compared with the n Circular Economy Action Plans have n India has also presented its long-
developed countries of been finalised for 11 waste categories term low-emission development
the world. During this n Regulations incorporating the strategy to achieve net zero by
10-year period, the size market-based Extended Producer 2070. India has delinked economic
of America’s GDP is Responsibility (EPR) principle have growth from greenhouse gas
estimated to increase by been notified in respect of plastic emissions.
66 per cent from $18.3 packaging waste, battery waste, n The Jaipur Declaration (2025-2034),
trillion to $30.3 trillion. e-waste, waste tyres, used oil and a key outcome of the Forum, is a
China’s economy will expired vehicles. voluntary, non-binding and non-
grow from $11.1 trillion As a party to the UNFCCC and its political commitment that provides
to $19.5 trillion, which n a comprehensive framework for
shows a growth of 46 Paris Agreement, India presented moving towards a circular economy
its first Nationally Determined
per cent. and improving resource efficiency
Contribution (NDC) in 2015.
over the next 10 years.

has been the specialty of Prime Minister Modi’s 5th largest economy in the world in 2019, and in
leadership. This is the reason why the government 2025, it left behind Japan and became the fourth
created such a structure to deal with a global largest economy. In 2011, we were at number
pandemic like Corona, that despite the lockdown 11. Even Britain is behind India, which ruled the
country’s progress remained unabated. Prime country for 250 years. This is a living example of the
Minister Modi says, “If we are determined, no goal new India and its strength. This success has come
is impossible, no path is difficult. Today, there at a time when the last few years have been very
is the desire as well as the path through which challenging for the global economy, as economic
we have to make India self-reliant.” Certainly, activities around the world are recovering from
India has not only the resources and capability, major events like the COVID-19 pandemic and the
but also the best talent in the world, which once Russia-Ukraine conflict. On the one hand, while
decides that we can do it, then they do not stop the world is struggling to find its footing, on the
before accomplishing it. This is the reason why other hand, the Indian economy is climbing new
many countries and rating agencies are forced heights. The International Monetary Fund has
to say that in the coming times, India will be the acknowledged India as the fastest-growing major
fastest-growing economy in the world. economy in the world in its latest estimates on the
issue of global economic growth.
MOVING TOWARDS NEW ECONOMIC Substantial growth in GST collections, increased
GOALS capital expenditure, and unparalleled export
Setting an important milestone, India became the performance demonstrate a vibrant and resilient

July 1-15, 2025 || NEW INDIA SAMACHAR 19