FICCI : Industry's Voice for Policy Change

Mr Amitabh Kant, CEO, NITI Aayog today emphasized on the need for developing and adopting the Circular Economy (CE) in our system, which will also help India post- COVID. “The green recovery post-COVID would not just help us to tackle environmental challenges like climate change, it would also help economic recovery through creation of jobs and opportunities,” he added.

Addressing the virtual ‘FICCI Circular Economy Symposium 2020’, Mr Kant said that COVID-19 is a reminder of the vulnerabilities built into the present system. “The new paradigm emphasises on taking a comprehensive view on products and processes to achieve minimization of recourse use. The world is increasingly becoming conscious to the pattern and efficiencies of resource usage. The convergence of different disciplines including industrial ecology, environmental, sustainability, and end of life of products, have all evolved to an overarching vision of CE.”

He further said that within the CE, material recycling offers a paradigm shift from the conventional recycling techniques of incineration and land filling by transforming EOL products, scraps and wastes into useful raw materials to be fed back to the economy instead of being disposed in landfills, etc.

Mr Kant added that the recycling industry is closely integrated in different commodity sectors driven by basic supply and demand. Material recycling is one of the building blocks of resource efficient Circular Economy. Many countries have initiated a way forward towards promoting the CE through organized recycling to attain sustainable development. “Scrap materials are not waste; recyclable material is a resource. They have an important role in economy and sustainable development,” added Mr Kant.

Highlighting the potential of plastic recycling, Mr Kant said that managing plastic waste continues to be a challenge and within this segment, the management of multi layered plastic is a bigger challenge.

“Domestic consumption is about 15 million tons and estimated recycling capacity is just 2.35 million tons. Therefore, recycling continues to be in the informal and unregistered units. Low household segregation and weak collection and transportation system that supports the segregation inhibit the recycling of plastic and high plastic recycling rates need to be achieved in an environmentally sound manner,” he noted.

Complimenting FICCI on the release of ‘Strategies for Sustainable Plastics Packaging in India- A USD 100 billion Opportunity till 2030’, Mr Kant said that in India, we consume around 10 million tons of plastic packaging each year amounting to $13 billion in value. “Currently, we are capturing only a fraction of this value due to number of reasons like poor packaging design, low wastes collection and inefficient recycling, etc. If the current state continues, in the next 10 years we will be losing around $133 billion,” he added.

He also said that the report presents an approach to capture $100 billion lost through eight high value interventions. To realize this value, we must take a holistic value chain approach from reducing consumption in designing better packaging to reusing as much as we can,” he asserted.

Mr Ugo Astuto, EU Ambassador to India said that resource efficiency and Circular Economy are among the most crucial issues for the future of society worldwide when resources are scarce. He also stated that India and EU need to develop a new economic paradigm centred around sustainability.

Mr Anirban Ghosh, Chair, FICCI National Circular Economy Committee & Chief Sustainability Officer, Mahindra Group said while highlighting the examples of infinitely recyclable materials like plastics and lithium batteries, he said that number of materials that are infinitely recyclable are increasing and there is a lot that needs to be done in this sector.

Mr Dilip Chenoy, Secretary General, FICCI said that Circular Economy provides huge opportunities especially for the business sector and for the society at large. FICCI will act as a catalyst by increasing collaborations with the government, industry and multilaterals.

Mr Willem Uijen, Executive Director, Supply Chain, HUL said that the company is committed to include plastics in the Circular Economy, reduce plastic litter and make it compostable by 2025 with a focus on improving the livelihoods.

Mr Janardhanan Ramanujalu, Vice President, Regional Head ? South Asia & Australia, SABIC said that Circular Economy has been in practice for long, the only question is the scale and extent to which we can develop it further. Consumer demand is an important driver of recyclability, he added.

The Economic Times | Oct 15, 2020

Need to develop circular economy for helping India post-COVID: Amitabh Kant

NITI Aayog CEO Amitabh Kant emphasized on the need for developing and adopting the circular economy which will help India post-COVID. "The green recovery post-COVID would not just help us to tackle environmental challenges like climate change, it would also help economic recovery through creation of jobs and opportunities," he said.

Addressing the virtual Circular Economy Symposium 2020 of the Federation of Indian Chamber of Commerce and Industry, Kant said that COVID-19 is a reminder of the vulnerabilities built into the present system. “The new paradigm emphasises on taking a comprehensive view on products and processes to achieve minimization of recourse use,” he said.

According to Kant, the world is increasingly becoming conscious of the pattern and efficiencies of resource usage. “The convergence of different disciplines including industrial ecology, environmental, sustainability, and end of life of products, have all evolved to an overarching vision of CE,” he added.

Kant is of the view that within the circular economy, material recycling offers a paradigm shift from the conventional recycling techniques of incineration and landfilling into useful raw materials to be fed back to the economy instead of being disposed of in landfills.

“Recycling industry is closely integrated in different commodity sectors driven by basic supply and demand,”he said, adding material recycling is one of the building blocks of a resource efficient circular economy. Highlighting the potential of plastic recycling, Kant said that managing plastic waste continues to be a challenge and within this segment, the management of multi layered plastic is a bigger challenge.

“Domestic consumption is about 15 million tons and estimated recycling capacity is just 2.35 million tons. Therefore, recycling continues to be in the informal and unregistered units,” he said. “Low household segregation and weak collection and transportation systems that support the segregation inhibit the recycling of plastic and high plastic recycling rates need to be achieved in an environmentally sound manner,” he noted.

India consumes around 10 million tons of plastic packaging each year amounting to $13 billion in value. “Currently, we are capturing only a fraction of this value due to a number of reasons like poor packaging design, low wastes collection and inefficient recycling, etc. If the current state continues, in the next 10 years we will be losing around $133 billion,” he added.

PSU Watch | Oct 15, 2020

Circular Economy will help economic revival, create jobs: Amitabh Kant

Niti Aayog CEO Amitabh Kant emphasised on the need for developing and adopting a Circular Economy (CE) in the system, which will also help India post-COVID. “The green recovery post-COVID would not just help us to tackle environmental challenges like climate change, it would also help economic recovery through creation of jobs and opportunities,” he added. Addressing the virtual ‘FICCI Circular Economy Symposium 2020’ on Thursday, Kant said that the COVID-19 pandemic is a reminder of the vulnerabilities built into the present system.

“The new paradigm emphasises on taking a comprehensive view on products and processes to achieve minimisation of recourse use. The world is increasingly becoming conscious to the patterns and efficiencies of resource usage. The convergence of different disciplines, including industrial ecology, environmental, sustainability, and end of life of products, have all evolved to an overarching vision of CE,” said Kant.

'Scrap materials are not waste; recyclable material is a resource'

Kant added that the recycling industry is closely integrated in different commodity sectors driven by basic supply and demand. Material recycling is one of the building blocks of resource efficient Circular Economy. Many countries have initiated a way forward towards promoting the CE through organised recycling to attain sustainable development. “Scrap materials are not waste; recyclable material is a resource. They have an important role in economy and sustainable development,” added Kant.

Highlighting the potential of plastic recycling, Kant said that managing plastic waste continues to be a challenge and within this segment, the management of multi layered plastic is a bigger challenge.

'We must take a holistic value chain approach'

Complimenting FICCI on the release of ‘Strategies for Sustainable Plastics Packaging in India- A USD 100 billion Opportunity till 2030’, Kant said that in India, we consume around 10 million tons of plastic packaging each year amounting to $13 billion in value. “Currently, we are capturing only a fraction of this value due to number of reasons like poor packaging design, low wastes collection and inefficient recycling, etc. If the current state continues, in the next 10 years we will be losing around $133 billion,” he added.

He also said that the report presents an approach to capture $100 billion lost through eight high value interventions. To realise this value, we must take a holistic value chain approach from reducing consumption in designing better packaging to reusing as much as we can,” he asserted.

Techno Codex | Oct 15, 2020

Need to develop Circular Economy for helping India Post-COVID: Amitabh Kant

NITI Aayog CEO Amitabh Kant emphasized on the need for developing and adopting the circular economy which will help India post-COVID. “The green recovery post-COVID would not just help us to tackle environmental challenges like climate change, it would also help economic recovery through creation of jobs and opportunities,” he said.

“Recycling industry is closely integrated in different commodity sectors driven by basic supply and demand,” he said, adding material recycling is one of the building blocks of a resource efficient circular economy. Highlighting the potential of plastic recycling, Kant said that managing plastic waste continues to be a challenge and within this segment, the management of multi layered plastic is a bigger challenge.

“Domestic consumption is about 15 million tons and estimated recycling capacity is just 2.35 million tons. Therefore, recycling continues to be in the informal and unregistered units,” he said. “Low household segregation and weak collection and transportation systems that support the segregation inhibit the recycling of plastic and high plastic recycling rates need to be achieved in an environmentally sound manner,” he noted.

groyourwealth | Oct 15, 2020

Need to develop circular economy for helping India post-COVID: Amitabh Kant

“Domestic consumption is about 15 million tons and estimated recycling capacity is just 2.35 million tons. Therefore, recycling continues to be in the informal and unregistered units,” he said. “Low household segregation and weak collection and transportation systems that support the segregation inhibit the recycling of plastic and high plastic recycling rates need to be achieved in an environmentally sound manner,” he noted.

Business Standard | Oct 31, 2019

FICCI announces launch of Innovation Summit 2019

Federation of Indian Chambers of Commerce and Industry (FICCI) today announced the launch of its maiden platform, the Innovation Summit 2019. The summit is designed in an innovative manner to start a dialogue about innovation in multi-faceted dimension from an organizational culture standpoint.

The Innovation Summit 2019 will culminate with a two-day conference in New Delhi on November 25 & 26th 2019. Dilip Chenoy, Secretary General, FICCI said that FICCI has been in the forefront of triggering meaningful conversations around Innovation.

PWI | Oct 31, 2019

FICCI Innovation Summit 2019 to harness culture of Innovation

Federation of Indian Chambers of Commerce and Industry (FICCI) on 31st October 2019 announced the launch of its maiden platform, the Innovation Summit 2019. The summit is designed in an innovative manner to start a dialogue about innovation in multi-faceted dimension from an organizational culture standpoint. The Innovation Summit 2019 will culminate with a two-days conference in New Delhi on November 25 & 26.

Dilip Chenoy, Secretary General, FICCI said, “FICCI has been in the forefront of triggering meaningful conversations around Innovation. To be able to weave in India’s growth story and realize its true potential, it is important that we consistently innovate our products, processes and business models. We are extremely excited to launch this initiative which talks about creating the culture of innovation in organizations through our FICCI HR Committee.”

Rajeev Dubey, Chairman, FICCI HR Committee & Group President (HR & Corporate Services) & CEO (After-Market Sector) Member of the Group Executive Board, Mahindra & Mahindra said, “We are living in the age of disruption, powered by the forces of technology, globalisation, demographics and climate change. In this perennial gale of creative destruction, the key to sustained business outperformance is Innovation. Regardless of the size, geography or sector in which an organisation operates, Innovation is key. Innovation doesn’t just mean new product development but entails the entire value chain and organisational culture – and culture is nothing but the way we behave in everyday life, especially as we go about taking business decisions.”

He further added, “This organisational culture is driven by leadership at all levels and is created by the way the organization designs and operates its HR levers. How can the HR Levers be aligned with the changing business needs, so that Innovation becomes a way of life and is embedded into the company’s DNA? Innovation Summit – 2019 invites you to come and participate in what will be the single destination for Innovation aficionados of India INC and its global counterparts, in times to come.”

Culture is key to success of an organisation. However good may be the strategy, without a culture to internalize and execute, the success would be far from reality. Therefore, it is said that ‘Culture eats strategy for breakfast’. In today’s time and space, the culture of innovation is what organisations look to embrace, to inspire the ecosystem, innovatively translate ideas into action.

Outlook | Jul 16, 2019

ACC wins the first FICCI Indian Circular Economy Award

ACC Limited, one of India’s leading producers of cement and ready-mix concrete is the proud winner of the first Indian Circular Economy Awards (ICEA) 2019 in the Large Enterprise category instituted by the Federation of Indian Chambers of Commerce and Industry (FICCI). Amitabh Kant, CEO, NITI Aayog handed the award to K N Rao, Director-Energy & Environment, ACC. The award recognised ACC’s notable contributions and impact in the area of Circular Economy and Sustainability. ACC’s painstaking efforts to promote blended cements in India have resulted in 88% of its product portfolio comprising blended cements – the highest among the large cement producers in India. These blended cements make use of industrial waste materials such as slag and fly ash, thus reducing the usage of non-renewable natural resources such as limestone. Thanking FICCI for this award, Neeraj Akhoury, Managing Director & CEO, said, “This award is unique in that it recognizes holistic performance in promoting circular thinking across an organisation’s operations. ACC is committed to building a greener, more sustainable India. A deep concern for conservation of the earth’s precious resources is integrated into all activities of our value chain from mining to sales. We make continuous investments in technology to improve energy efficiency, pollution control and environment management standards.” Waste poses a major societal challenge. ACC promotes a circular economy by repurposing waste through material recycling and energy recovery. In doing so, we transform waste, create livelihood opportunities and offer solutions for waste management, all of which ensures a cleaner environment. Through Geocycle, ACC is providing sustainable waste management solutions to Indian industry by co-processing waste in its cement kilns. By disposing off industrial, municipal and agricultural waste, we recover energy and material value from them, as well as help prevent harmful emissions that would have been generated had the waste been disposed through open burning or landfills. From packaging waste to soya husk to bio-sludge, in 2018, ACC co-processed ~0.38 mn tonnes of waste. Through its Green Building Centres (GBC), ACC supports local entrepreneurs to make and distribute affordable building components and precast materials such as fly ash bricks, concrete tiles, paver tiles and sanitation units to promote sustainable rural development. In 2018, ACC consumed over 37,500 tonnes of fly ash in its GBC operations, resulting in conserving over 81,400 tonnes of topsoil and avoiding ~5,700 tonnes of equivalent CO2emissions. ACC is the first cement company in India to complete the process of assessing and publishing a life-cycle-impact-assessment of its products through an Environment Product Declaration (EPD) for all its cement and concrete products. At ACC, sustainability is a way of life. We continuously explore ways to make our business more planet-friendly; from deploying clean mining techniques to transforming used mines into lush forests or water bodies. About ACC ACC Limited, a member of the LafargeHolcim Group, is one of India’s leading producers of cement and ready mixed concrete. It has over 6700 employees, 17 cement manufacturing sites, 76 concrete plants and a nationwide network of over 50,000 dealers and retailers to serve its customers. With a world-class R&D centre in Mumbai, the quality of ACC’s products and services, as well as its commitment to technological development, make it a preferred brand in building materials. Established in 1936, ACC is counted among the country’s ''Most Sustainable Companies'' and it is recognised for its best practices in environment management and corporate citizenship.

Business Wire India | Jul 16, 2019

ACC wins the First FICCI Indian Circular Economy Award

ACC’s painstaking efforts to promote blended cements in India have resulted in 88% of its product portfolio comprising blended cements – the highest among the large cement producers in India. These blended cements make use of industrial waste materials such as slag and fly ash, thus reducing the usage of non-renewable natural resources such as limestone.

Thanking FICCI for this award, Neeraj Akhoury, Managing Director & CEO, said, “This award is unique in that it recognizes holistic performance in promoting circular thinking across an organisation’s operations. ACC is committed to building a greener, more sustainable India. A deep concern for conservation of the earth’s precious resources is integrated into all activities of our value chain from mining to sales. We make continuous investments in technology to improve energy efficiency, pollution control and environment management standards.”

Waste poses a major societal challenge. ACC promotes a circular economy by repurposing waste through material recycling and energy recovery. In doing so, we transform waste, create livelihood opportunities and offer solutions for waste management, all of which ensures a cleaner environment.

Through Geocycle, ACC is providing sustainable waste management solutions to Indian industry by co-processing waste in its cement kilns. By disposing off industrial, municipal and agricultural waste, we recover energy and material value from them, as well as help prevent harmful emissions that would have been generated had the waste been disposed through open burning or landfills. From packaging waste to soya husk to bio-sludge, in 2018, ACC co-processed ~0.38 mn tonnes of waste.

Through its Green Building Centres (GBC), ACC supports local entrepreneurs to make and distribute affordable building components and precast materials such as fly ash bricks, concrete tiles, paver tiles and sanitation units to promote sustainable rural development. In 2018, ACC consumed over 37,500 tonnes of fly ash in its GBC operations, resulting in conserving over 81,400 tonnes of topsoil and avoiding ~5,700 tonnes of equivalent CO2 emissions.

ACC is the first cement company in India to complete the process of assessing and publishing a life-cycle-impact-assessment of its products through an Environment Product Declaration (EPD) for all its cement and concrete products.

At ACC, sustainability is a way of life. We continuously explore ways to make our business more planet-friendly; from deploying clean mining techniques to transforming used mines into lush forests or water bodies.

About ACC

ACC Limited, a member of the LafargeHolcim Group, is one of India’s leading producers of cement and ready mixed concrete. It has over 6700 employees, 17 cement manufacturing sites, 76 concrete plants and a nationwide network of over 50,000 dealers and retailers to serve its customers. With a world-class R&D centre in Mumbai, the quality of ACC’s products and services, as well as its commitment to technological development, make it a preferred brand in building materials. Established in 1936, ACC is counted among the country’s 'Most Sustainable Companies' and it is recognised for its best practices in environment management and corporate citizenship.

Brinkwire | Jun 19, 2019

India's circular economy can generate 14 million jobs in 5-7 years

Circular economy has the potential to generate 14 million jobs in the next 5-7 years, said a release by industry body - FICCI quoting a top government official, Tuesday.

Sustainable development and resource circularity are the need of the hour to implement Circular Economy, said Amitabh Kant, chief executive officer of Niti Aayog - a Indian government’s policy think tank.

Speaking at the third Edition of Circular Economy Symposium 2019, Kant pointed out that 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 percent more resources per capita, thereby raising total mineral and material demand from 50 billion tons in 2014 to 130 billion tons in 2050, he said.

In a circular economy, resource input and waste, emission, and energy leakage are minimized by slowing, closing, and narrowing energy and material loops through long-lasting design, maintenance, repair, reuse, remanufacturing, refurbishing, and recycling and making optimum utilization of the resources.

By 2021, if the End of Life Vehicle policy was implemented with dated emission standards, over 22 million vehicles will be off the road including 80 percent two-wheelers, 14 percent cars, and 3 percent each of three-wheelers and commercial vehicles presenting a huge opportunity for growth, wealth creation and jobs, Kant said.

“This initiative should be firmly supported as these non-government organisations operate at grass-root level and can be useful agents of change,” he said.

WION | Jun 18, 2019

Circular economy can generate 1.4 crore jobs in next 5-7 years: NITI Aayog CEO Amitabh Kant

Circular economy has potential to create nearly one-and-half crore jobs in next five to seven years and create lakhs of new entrepreneurs, NITI Aayog CEO Amitabh Kant said here on Monday.

Speaking at 'Circular Economy Symposium 2019' organised by FICCI, Kant said that resource circularity and sustainable development are the need of the hour to implement the circular economy.

"Circular economy has the potential to generate 1.4 crore jobs in the next 5-7 years & create lakhs of new entrepreneurs. Resource circularity is need of the hour to implement circular economy," he said.

A circular economy is an alternative to a traditional linear economy (make, use, dispose) in which resources are kept in use for as long as possible, the maximum value is extracted from them whilst in use, the products and materials are recovered and regenerated at the end of each service life.

This economic system is aimed at minimising waste and making the most of resources.

Kant underlined the need for legislation to promote the circular economy in the country. "Several countries have recognised the centrality of the circularity as the new paradigm for sustainable development. They have not only embraced the concept of circular economy in their daily life but also brought in regulations to ensure higher compliance and promote more reuse, refurbishment and recycling," he said.

He said that by 2050, the world population would reach 9.7 billion of which 3 billion people would prosper to middle-class consumption level.

This 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, he noted.

The NITI Aayog also stressed on the need for promoting non-government organisations to spread awareness and developing a circular economy as a national agenda.

Catchnews | Jun 18, 2019

Circular economy can generate 1.4 crore jobs in 5-7 years: NITI Aayog CEO

Circular economy has potential to create nearly one-and-half crore jobs in next five to seven years and create lakhs of new entrepreneurs, NITI Aayog CEO Amitabh Kant said here on Monday.

Speaking at 'Circular Economy Symposium 2019' organised by FICCI, Kant said that resource circularity and sustainable development are the need of the hour to implement the circular economy.

He said that by 2050, the world population would reach 9.7 billion of which 3 billion people would prosper to middle-class consumption level.

This 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, he noted.

The NITI Aayog also stressed on the need for promoting non-government organisations to spread awareness and developing a circular economy as a national agenda.

News Room Post | Jun 18, 2019

Circular economy likely to generate 1.4 crore jobs in 5-7 years: Amitabh Kant

Circular economy has the potential to generate 1.4 crore jobs in next 5-7 years and create lakhs of new entrepreneurs, Niti Aayog CEO Amitabh Kant said June 17. Speaking at an event organised by industry body FICCI, Kant said that sustainable development and resource circularity is the need of the hour to implement circular economy.

Circular economy implies reusing waste back into the production cycle to produce new products and uses instead of wasting such materials with embedded resources.

Kant said that 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 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, he noted.

Kant also stressed on the need of promoting non-government organisations to spread awareness and developing circular economy as a national agenda.

Resource efficiency is closely linked to the concept of circular economy which has gained prominence as a policy goal for sustainable development in recent years.

Business Standard | Jun 18, 2019

Circular economy can generate 1.4 crore jobs in 5-7 years: NITI Aayog CEO

Circular economy has potential to create nearly one-and-half crore jobs in next five to seven years and create lakhs of new entrepreneurs, NITI Aayog CEO Amitabh Kant said here on Monday.

Speaking at 'Circular Economy Symposium 2019' organised by FICCI, Kant said that resource circularity and sustainable development are the need of the hour to implement the circular economy.

He said that by 2050, the world population would reach 9.7 billion of which 3 billion people would prosper to middle-class consumption level.

This 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, he noted.

The NITI Aayog also stressed on the need for promoting non-government organisations to spread awareness and developing a circular economy as a national agenda.

Hindustan Times | Jun 18, 2019

Circular economy likely to generate 1.4 crore jobs in 5-7 years: NITI Aayog CEO

Circular economy has the potential to generate 1.4 crore jobs in next 5-7 years and create lakhs of new entrepreneurs, Niti Aayog CEO Amitabh Kant said Monday.

Speaking at an event organised by industry body FICCI, Kant said that sustainable development and resource circularity is the need of the hour to implement circular economy.

Circular economy implies reusing waste back into the production cycle to produce new products and uses instead of wasting such materials with embedded resources.

Kant said that 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 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, he noted.

Kant also stressed on the need of promoting non-government organisations to spread awareness and developing circular economy as a national agenda.

Resource efficiency is closely linked to the concept of circular economy which has gained prominence as a policy goal for sustainable development in recent years.

ANI News | Jun 18, 2019

Circular economy can generate 1.4 crore jobs in 5-7 years: NITI Aayog CEO

Circular economy has potential to create nearly one-and-half crore jobs in next five to seven years and create lakhs of new entrepreneurs, NITI Aayog CEO Amitabh Kant said here on Monday.

Speaking at 'Circular Economy Symposium 2019' organised by FICCI, Kant said that resource circularity and sustainable development are the need of the hour to implement the circular economy.

He said that by 2050, the world population would reach 9.7 billion of which 3 billion people would prosper to middle-class consumption level.

This 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, he noted.

The NITI Aayog also stressed on the need for promoting non-government organisations to spread awareness and developing a circular economy as a national agenda.

Business Insider | Jun 18, 2019

India can create 14 million jobs by investing in sustainable development

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.

The Free Press Journal | Jun 18, 2019

Circular economy can generate 1.4 crore jobs in 5-7 years: NITI Aayog CEO

Circular economy has potential to create nearly one-and-half crore jobs in next five to seven years and create lakhs of new entrepreneurs, NITI Aayog CEO Amitabh Kant said here on Monday.

Speaking at 'Circular Economy Symposium 2019' organised by FICCI, Kant said that resource circularity and sustainable development are the need of the hour to implement the circular economy. "Circular economy has the potential to generate 1.4 crore jobs in the next 5-7 years & create lakhs of new entrepreneurs. Resource circularity is need of the hour to implement circular economy," he said.

He said that by 2050, the world population would reach 9.7 billion of which 3 billion people would prosper to middle-class consumption level. This 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, he noted. The NITI Aayog also stressed on the need for promoting non-government organisations to spread awareness and developing a circular economy as a national agenda.

china.org.cn | Jun 18, 2019

India's circular economy can generate 14 million jobs in 5-7 years

Circular economy has the potential to generate 14 million jobs in the next 5-7 years, said a release by industry body -- FICCI quoting a top government official, Tuesday.

Sustainable development and resource circularity are the need of the hour to implement Circular Economy, said Amitabh Kant, chief executive officer of Niti Aayog -- a Indian government's policy think tank.

This would require 71 percent more resources per capita, thereby raising total mineral and material demand from 50 billion tons in 2014 to 130 billion tons in 2050, he said.

"This initiative should be firmly supported as these non-government organisations operate at grass-root level and can be useful agents of change," he said.

newsdig | Jun 18, 2019

Circular economy can generate 1.4 crore jobs in 5-7 years: NITI Aayog CEO

Circular economy has potential to create nearly one-and-half crore jobs in next five to seven years and create lakhs of new entrepreneurs, NITI Aayog CEO Amitabh Kant said here on Monday.

Speaking at 'Circular Economy Symposium 2019' organised by FICCI, Kant said that resource circularity and sustainable development are the need of the hour to implement the circular economy.

The Economic Times | Jun 18, 2019

Circular economy has the potential to generate 1.4 crore jobs: Niti Aayog CEO

Circular economy has the potential to generate 1.4 crore jobs in next 5-7 years and create lakhs of new entrepreneurs, said Niti Aayog CEO Amitabh Kant on Monday.

Kant who was speaking at an event organised by an industry body 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 grass-root level and can be useful agents of change,” he said.

The Niti Aayog CEO highlighted that by 2050, world population would reach 9.7 billion of which 3 billion people would prosper to middleclass 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,” he added.

Kant observed if 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% two-wheelers, 14% cars, and 3% each of three-wheelers and commercial vehicles.

“End of Life Vehicles present huge business opportunity for growth, wealth creation and jobs,” he added.

The Economic Times | Jun 18, 2019

Circular economy can generate 1.4 crore jobs in 5-7 years: NITI Aayog CEO

Circular economy has potential to create nearly one-and-half crore jobs in next five to seven years and create lakhs of new entrepreneurs, NITI Aayog CEO Amitabh Kant said here on Monday.

Speaking at 'Circular Economy Symposium 2019' organised by FICCI, Kant said that resource circularity and sustainable development are the need of the hour to implement the circular economy.

He said that by 2050, the world population would reach 9.7 billion of which 3 billion people would prosper to middle-class consumption level.

This 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, he noted.

The NITI Aayog also stressed on the need for promoting non-government organisations to spread awareness and developing a circular economy as a national agenda.

Business Today | Jun 18, 2019

Circular economy could create 1.4 crore jobs in next 5-7 years: Niti Aayog CEO Amitabh Kant

Niti Aayog CEO Amitabh Kant said at an event in Delhi on Monday that circular economy has the potential to create nearly one-and-half crore jobs in next five to seven years and create lakhs of new entrepreneurs. "Circular economy has the potential to generate 1.4 crore jobs in the next 5-7 years and create lakhs of new entrepreneurs. Resource circularity is need of the hour to implement circular economy," he said at the Circular Economy Symposium 2019 organised by FICCI.

As opposed to a linear economy, a circular economy uses the resources for as long as possible, extracting the maximum value from them till the end of their service life. In simplistic parlance, the resources are fully recycled for as long as possible. The circular economic system is aimed at minimising waste and making the most of the resources.

Kant also said that there is a need for legislation to promote the circular economy in the country. Several countries have recognised the centrality of the circularity as the new paradigm for sustainable development. They have not only embraced the concept of circular economy in their daily life but also brought in regulations to ensure higher compliance and promote more reuse, refurbishment and recycling," he added.

Kant also said that by 2050 the world population would reach 9.7 billion and out of that 3 billion would be in the middle-class consumption level. He noted that that 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.

Along with that Niti Aayog also emphasised on the need to promote non-government organisations to spread awareness and develop a circular economy as a national agenda.

ETNownews.com | Jun 18, 2019

Circular economy can generate 1.4 crore jobs in 5-7 years, says NITI Aayog CEO Amitabh Kant

Circular economy has potential to create nearly one-and-half crore jobs in next five to seven years and create lakhs of new entrepreneurs, NITI Aayog CEO Amitabh Kant said here on Monday.

Speaking at 'Circular Economy Symposium 2019' organised by FICCI, Kant said that resource circularity and sustainable development are the need of the hour to implement the circular economy.

The NITI Aayog also stressed on the need for promoting non-government organisations to spread awareness and developing a circular economy as a national agenda.

NDTV | Jun 18, 2019

Circular Economy Can Generate 1.4 crore Jobs In 5-7 Years: NITI Aayog CEO

Circular economy has potential to create nearly one-and-half crore jobs in next five to seven years and create lakhs of new entrepreneurs, NITI Aayog CEO Amitabh Kant said in Delhi on Monday.

Speaking at ''Circular Economy Symposium 2019'' organised by FICCI, Mr Kant said that resource circularity and sustainable development are the need of the hour to implement the circular economy.

Mr Kant underlined the need for legislation to promote the circular economy in the country. "Several countries have recognised the centrality of the circularity as the new paradigm for sustainable development. They have not only embraced the concept of circular economy in their daily life but also brought in regulations to ensure higher compliance and promote more reuse, refurbishment and recycling," he said.

He said that by 2050, the world population would reach 9.7 billion of which 3 billion people would prosper to middle-class consumption level.

This 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, he noted.

The NITI Aayog also stressed on the need for promoting non-government organisations to spread awareness and developing a circular economy as a national agenda.

News18 | Jun 17, 2019

Circular Economy likely to generate 1.4 Crore jobs in next 5-7 years, says Niti Aayog CEO

Circular economy had the potential to generate 1.4 crore jobs in the next five-seven years and create lakhs of new entrepreneurs, Niti Aayog CEO Amitabh Kant said on Monday.

Speaking at an event organised by industry body FICCI, Kant said sustainable development and resource circularity was the need of the hour to implement circular economy.

Circular economy implies reusing waste back into the production cycle to produce new products and uses instead of wasting such materials with embedded resources. Kant said that 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 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, he said.

Kant also stressed on the need to promote non-government organisations to spread awareness and develop circular economy as a national agenda. Resource efficiency is closely linked to the concept of circular economy which has gained prominence as a policy goal for sustainable development in recent years.

News18 | Jun 17, 2019

Circular Economy likely to generate 1.4 Crore jobs in next 5-7 years, says Niti Aayog CEO

Circular economy had the potential to generate 1.4 crore jobs in the next five-seven years and create lakhs of new entrepreneurs, Niti Aayog CEO Amitabh Kant said on Monday.

Speaking at an event organised by industry body FICCI, Kant said sustainable development and resource circularity was the need of the hour to implement circular economy.

This 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, he said.

Moneycontrol | Jun 17, 2019

Circular economy likely to generate 1.4 crore jobs in 5-7 years: Amitabh Kant

Circular economy implies reusing waste back into the production cycle to produce new products and uses instead of wasting such materials with embedded resources.

Kant said that 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 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, he noted.

Kant also stressed on the need of promoting non-government organisations to spread awareness and developing circular economy as a national agenda.

Resource efficiency is closely linked to the concept of circular economy which has gained prominence as a policy goal for sustainable development in recent years.

Business Standard | Jun 17, 2019

Circular economy likely to generate 1.4 crore jobs in 5-7 years: Kant

Circular economy has the potential to generate 1.4 crore jobs in next 5-7 years and create lakhs of new entrepreneurs, Niti Aayog CEO Amitabh Kant said Monday.

Speaking at an event organised by industry body FICCI, Kant said that sustainable development and resource circularity is the need of the hour to implement circular economy.

Circular economy implies reusing waste back into the production cycle to produce new products and uses instead of wasting such materials with embedded resources.

Kant said that 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 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, he noted.

Kant also stressed on the need of promoting non-government organisations to spread awareness and developing circular economy as a national agenda.

Resource efficiency is closely linked to the concept of circular economy which has gained prominence as a policy goal for sustainable development in recent years.

Prime Times | Jun 17, 2019

Circular Economy Likely to Generate 1.4 Crore Jobs in Next 5-7 Years, Says Niti Aayog CEO

Circular economy had the potential to generate 1.4 crore jobs in the next five-seven years and create lakhs of new entrepreneurs, Niti Aayog CEO Amitabh Kant said on Monday.

Speaking at an event organised by industry body FICCI, Kant said sustainable development and resource circularity was the need of the hour to implement circular economy.

This 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, he said.

Outlook | Jun 17, 2019

Circular economy likely to generate 1.4 crore jobs in 5-7 years: Kant

Circular economy has the potential to generate 1.4 crore jobs in next 5-7 years and create lakhs of new entrepreneurs, Niti Aayog CEO Amitabh Kant said Monday.

Speaking at an event organised by industry body FICCI, Kant said that sustainable development and resource circularity is the need of the hour to implement circular economy.

Circular economy implies reusing waste back into the production cycle to produce new products and uses instead of wasting such materials with embedded resources.

Kant said that 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 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, he noted.

Kant also stressed on the need of promoting non-government organisations to spread awareness and developing circular economy as a national agenda.

Resource efficiency is closely linked to the concept of circular economy which has gained prominence as a policy goal for sustainable development in recent years.

live mint | Jun 17, 2019

Circular economy likely to generate 1.4 crore jobs in 5-7 years: Amitabh Kant

Circular economy has the potential to generate 1.4 crore jobs in next 5-7 years and create lakhs of new entrepreneurs, Niti Aayog CEO Amitabh Kant said Monday.

Speaking at an event organised by industry body FICCI, Kant said that sustainable development and resource circularity is the need of the hour to implement circular economy.

Circular economy implies reusing waste back into the production cycle to produce new products and uses instead of wasting such materials with embedded resources.

Kant said that 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, he noted.

Kant also stressed on the need of promoting non-government organisations to spread awareness and developing circular economy as a national agenda.

Resource efficiency is closely linked to the concept of circular economy which has gained prominence as a policy goal for sustainable development in recent years.

Devdiscourse | Jun 17, 2019

Circular economy likely to generate 1.4 crore jobs in 5-7 years: Kant

The circular economy has the potential to generate 1.4 crore jobs in the next 5-7 years and create lakhs of new entrepreneurs, Niti Aayog CEO Amitabh Kant said Monday. Speaking at an event organised by industry body FICCI, Kant said that sustainable development and resource circularity is the need of the hour to implement the circular economy.

Circular economy implies reusing waste back into the production cycle to produce new products and uses instead of wasting such materials with embedded resources. Kant said that by 2050, the world population would reach 9.7 billion of which 3 billion people would prosper to middle-class consumption level.

This 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, he noted. Kant also stressed on the need for promoting non-government organisations to spread awareness and developing a circular economy as a national agenda.

Resource efficiency is closely linked to the concept of a circular economy which has gained prominence as a policy goal for sustainable development in recent years.

BW People | May 31, 2019

Technology crucial but cannot replace human in Human Resources: HR Experts

“Technology is immensely helpful, but it cannot replace the ‘Human’ in ‘Human Resources’, said Ranjan Kumar Mohapatra, Director - HR, Indian Oil Corporation Ltd at FICCI. He also shared that Indian corporates need to focus on internal talent mobility and quality of resources rather than quantity only.

He spoke at the ‘Talent Acquisition Conference 2019’ organized FICCI, on the theme of ‘Attract-Assess-Acquire’, in the backdrop of a paradigm shift in talent acquisition ecosystem and philosophies.

Anil Sachdev, Founder, and CEO, School of Inspired Leadership said that interviewers should be mindful during the talent acquisition process and not let their assumptions and perceptions come in the way. Talent acquisition is actually a talent appreciation process, he said.

He added, “A candidate should be hired for the organization and not for a specific job as the job can disappear or change.”

Manish Singhal, Deputy Secretary General, FICCI, said, “Talent acquisition is becoming an art and a candidate is our new customer. Getting the right talent at the right time and at the right place in the organization, gains significance, with the focus on diversity and affirmative action at the workplace. When corporates acquire talent, candidates also look for brand image and general hygiene in work conditions.”

The day-long conference deliberated on important issues like Talent Acquisition Strategies, New Age Practices, and Leveraging Technology with leading HR professionals from across the country.

FICCI-Strat-Board Report on ‘Talent Acquisition Philosophies India 2019 & Beyond – Rethinking TA Fundamentals’ was also released during the event.

Key findings of the report are:

Availability of the right talent pool and candidate quality remains an industry-wide challenge
Job sites remain the favourite sourcing channel for the industry
The gig economy continues to mature across the board
HR/TA needs greater skills, depth, and possible re-prioritization to cast a strong employer brand
Consumerization of HR and a strong candidate experience will be the key differentiators
The new world of assessments is here to stay
Quality of hire is the most critical outcome from TA
Diversity and inclusion needs greater commitment
Selection biases need careful sensitization
The speed of technology adoption needs to go up

SME Times | May 30, 2019

'Hire for the company, not for the job'

Technology is immensely helpful, but it cannot replace the 'Human' in 'Human Resources', said Ranjan Kumar Mohapatra, Director - HR, Indian Oil Corporation Ltd on Thursday.

He also shared that Indian corporates need to focus on internal talent mobility and quality of resources rather than quantity only.

A 'Talent Acquisition Conference 2019' was organised for the first time by FICCI, on the theme of 'Attract-Assess-Acquire', in the backdrop of a paradigm shift in talent acquisition ecosystem and philosophies.

Anil Sachdev, Founder and CEO, School of Inspired Leadership said that interviewers should be mindful during talent acquisition process and not let their assumptions and perceptions come in the way. Talent acquisition is actually a talent appreciation process, he said.

"A candidate should be hired for the organisation and not for a specific job as the job can disappear or change," he added.

The day-long conference deliberated on important issues like Talent Acquisition Strategies, New Age Practices and Leveraging Technology with leading HR professionals from across the country.

FICCI-Strat-Board Report on 'Talent Acquisition Philosophies India 2019 & Beyond - Rethinking TA Fundamentals' was also released during the event.

The New Indian Express | Jan 24, 2019

Ninth edition of FoodTech Expo begins in Kochi

The ninth edition of FoodTech Kerala, the state’s only comprehensive food processing and packaging exhibition, commenced at Bolgatty Palace Event Centre, yesterday. The three-day exhibition showcases a broad spectrum of technologies, equipments, solutions for food processing, beverage, food retailing, refrigeration and cold chain, hygienic and healthy foods and packaging. The expo, which has participants from national and international companies, has 85 stalls by 65 companies. It also has an exclusive Kerala State Pavilion by the Department of Industry, Government of Kerala, for SMEs in the food processing sector from the state.

As part of the expo, the Federation of Indian Chamber of Commerce and Industry (FICCI) and FQF (FICCI Quality Forum) will organise a one-day Quality Training Certification Programme on ‘Sustainable Food Safety Practices: Regulations and Standards’ this Thursday. The key objective of the training programme is to create awareness and prepare industries on the growing importance of ‘Standards’ and ‘Regulations’ in the changing scenario of global trade.

This year, the Kerala Business Expo (KBE) has also been organised alongside FoodTech Kerala. It aims to promote and develop the food and beverages sector by disseminating information and knowledge to NRIs, potential investors and new entrepreneurs entering this sector. KBE is powered by Franchise India, which has an exclusive pavilion in the expo for major food brands from all over India that are looking to set up retail and distributorship in Kerala.

Addressing a media conference, Joseph Kuriakose, Director, Cruz Expos, said, “The event has been witnessing an evolutionary increase in participation over the past editions. The expo is famous for providing a unique and comprehensive platform for discovery and introduction of food processing, engineering and packaging services among the host of other benefits to the visitors as well as the exhibitors, features all facets of the food and beverage industry.”

The exhibition has participation from national and international companies and from the Department of Industry, Government of Kerala, which will set up an exclusive Kerala State Pavilion for SMEs in the food processing sector from the state.

SME Times | Nov 21, 2018

AI in HR opening new vistas: NITI advisor

NITI Aayog advisor Anna Roy said recently that the use of disruptive technologies like Artificial Intelligence (AI) was pervasive in all sectors and verticals.

Human Resource (HR) being one of most important vertical is bringing new opportunities to the fore and giving rise to new areas, leading to better results, she said.

Speaking at the FICCI HR Conference 2018, Roy said "The essential thing is how do you reskill your workforce and how do you connect with the academia and other parts of the ecosystem to ensure that you hire right set of people.

So, skilling and re-skilling is crucial to the whole debate around HR". The need of the hour for FICCI is to focus on how we tackle the skilling and re-skilling aspect and challenges, she added.

She stressed upon the need for a greater connect between the industry, academia and the government to ensure that the education system is robust and for which she, on behalf of NITI Aayog, called upon the industry to partner with NITI Aayog in making of adoption of new technologies and making it more immersive within enterprises.

Roy also released report on 'Are we ready for the future - A report on HR readiness for the new digital wave'.

Sreekanth Arimanithaya, Senior Vice President, Integrated Workforce Management and India Co- Managing Director - DXC Technologies said that today HR is no more a support function.

Ranjan Mohapatra, Director HR, Indian Oil Corporation, said that predication about the future cannot be based on historical precedent or conventional wisdom.

BW Businessworld | Nov 20, 2018

Use of Artificial Intelligence in HR opening new vistas and leading to better results: Anna Roy, Advisor, NITI Aayog

Speaking at a FICCI conference Anna Roy, Advisor (DM&A, Industry), NITI Aayog said here today that the use of disruptive technologies like Artificial Intelligence (AI) was pervasive in all sectors and verticals. Human Resource (HR) being one of most important vertical is bringing new opportunities to the fore and giving rise to new areas, leading to better results.

Addressing the audience at the‘3rd Edition of the FICCI HR Conference 2018’ organized by FICCI on the theme of – ‘Redesigning HR in the Era of Disruptive Technology’, Roy said “The essential thing is how do you reskill your workforce and how do you connect with the academia and other parts of the ecosystem to ensure that you hire right set of people.

So, skilling and re-skilling is crucial to the whole debate around HR”. The need of the hour for FICCI is to focus on how we tackle the skilling and re-skilling aspect and challenges, she added.

Roy also released report on ‘Are we ready for the future – A report on HR readiness for the new digital wave’.

Mr Sreekanth Arimanithaya, Senior Vice President, Integrated Workforce Management and India Co- Managing Director – DXC Technologies said that today HR is no more a support function. HR has a seat at the table not as a function, but as business leader.

Mr Ranjan Mohapatra, Director HR, Indian Oil Corporation, said that predication about the future cannot be based on historical precedent or conventional wisdom. The digital disruption is the new normal. It has challenged the status quo, affecting all industries and reshaping the value chains and therefore altering the consumer behavior and expectations as well. He added that everyone is affected in modern era of digital disruption. The key is to adapt and embrace digital transformation.

The Indian Express | May 15, 2018

'India needs to grow at 10% to meet population demands'

India needs to grow at about 10 per cent annually for the next three decades to be able to meet the ever-rising demands of its growing population, NITI Aayog CEO Amitabh Kant said on Monday.

This order of growth however will not be achieved if the 'business-as-usual' approach to the use of scarce resources continues, he cautioned.

He said that for reducing dependence on fossil fuels in transportation, a NITI Aayog analysis suggests that the way forward is the use of bio-fuels.

"We are giving a big push to electric vehicles in a bid to conserve exhaustible natural resources and bring about resource efficiency," Kant said at FICCI's Circular Economy Symposium-2018 here. He also underlined the need to embed the principles of circular economy in India's school education system.

Financial Chronicle | May 15, 2018

India must grow at 10% for 30 years to meet rising demands: Niti

India needs to grow at 10 per cent annually for the next 3 decades to be able to meet the ever-rising demands of its growing population, Niti Aayog CEO Amitabh Kant said on Monday. This order of growth, however, will not be achieved if the ‘business-as-usual’ approach to the use of scarce resources continues, he said.

He said for reducing dependence on fossil fuels in transportation, a Niti Aayog analysis suggests the way forward is the use of bio-fuels. “We are giving a big push to electric vehicles in a bid to conserve exhaustible natural resources and bring about resource efficiency,” Kant said at FICCI’s circular economy symposium-2018 here.

He also underlined the need to embed the principles of circular economy in India’s school education system. A circular economy, in contrast to the ‘make-use-dispose’ model of the linear economy, focuses on use of resources for longest possible time as also recovering and regenerating products and materials at the end of their life cycle.

Noting that the government needs to enable regulatory framework for circular economy, he said: “We should incentivise use of renewable material for the construction sector.” Kant stressed that the government needs to push the limits of the circular economy and make it a mass movement.

According to FICCI-Accenture study, which was released by Kant, by adopting circular business model, India could reap a reward of between $382 to $697 billion by 2030. The report pointed out that the circular economy through its innovative business model, offers a unique opportunity to decouple growth from resource requirements. According to the report, 5 factors will be critical to accelerate circular models in India – greater awareness, disruptive technologies, enabling policy landscape, innovative funding models, and collaborations and partnerships.

Meanwhile, Japanese financial services major Nomura said in a report that despite moderation in factory output growth in March, GDP is expected to grow by 7.7 per cent in January-March, up from 7.2 per cent in the preceding quarter. Despite the moderation in March, industrial production growth averaged 6.2 per cent in January-March, up from 5.9 per cent in Q4 (October-December), it said.

The uptick in average industrial production growth, implies that the overall industrial activity strengthened in Q1 (January-March), “supporting our view of a pickup in GDP growth to 7.7 per cent year-on-year in Q1 from 7.2 per cent in Q4”, the report said.

The report further noted India is expected to witness cyclical recovery led by both investment and consumption. But factors like rising oil prices as well as tighter financial conditions are expected to drag down growth rates. “While we remain optimistic on the near-term growth outlook, we expect the adverse impacts of rising oil prices and tighter financial conditions to slow growth further out,” Nomura said.

The Economic Times | May 15, 2018

'10% growith must for 30 yrs to meet population demands'

India needs to grow at about 10% annually for the next three decades to be able to meet the ever-rising demands of its growing population, NITI Aayog CEO Amitabh Kant said Monday.

This order of growth however will not be achieved if the 'business-as-usual' approach to the use of scarce resources continues, he said.

He added that for reducing dependence on fossil fuels in transportation, a NITI Aayog analysis suggests the way forward is bio-fuels.

Punjab News Express | Jun 12, 2017

37 returns instead of 13 - and other challenges threatening GST rollout

A small-scale manufacturing company with operations in only one state will have to file a minimum of 37 returns instead of the current 13 once the goods and services tax (GST) goes live from July 1, increasing work for industry, accountants and banks, according to an IndiaSpend analysis.

With the deadline for the GST less than a month away, finance professionals, banks and industry seem unprepared for the challenges of implementing the one nation-one tax idea, work towards which began 13 years ago.

"The entire ecosystem needs to be changed to accept GST," K. Raghu, former president, Institute of Chartered Accountants of India, told IndiaSpend. "An ideal date for implementation would be September 1."

The Indian Banks Association has informed a parliamentary panel that their members were unprepared to implement the new indirect tax regime.

"Everything will now be online and will need to be updated regularly. A business will have to file 37 returns in a year (three returns per month and one annual return) per state," the Economic Times reported on June 5, 2017. "If it does business from offices in more than one state, the number of returns will go up accordingly. A business with offices in three states will have to file 111 tax returns in a year."

With the government announcing GST for four tax rates -- 5, 12, 18 and 28 per cent -- industry will face implementation challenges that include system upgrades, manpower training and understanding new taxes. Every transaction -- sale or purchase -- will now have to be recorded online to benefit from the tax paid earlier.

India is implementing a dual GST with the Centre and states together levying it on a common tax base. "The GST to be levied by the centre on intra-state supply of goods and/or services would be called the Central GST (CGST) and that to be levied by the states would be called the State GST (SGST)," according to the FAQs published by the Central Board of Excise and Customs (CBEC), the central body of indirect taxes.

"Similarly, Integrated GST (IGST) will be levied and administered by centre on every inter-state supply of goods and services."

A dual GST adheres to the constitutional requirement of fiscal federalism, since both the Centre and states have the powers to levy and collect taxes.

"The central GST and the state GST would be levied simultaneously on every transaction of supply of goods and services except the exempted goods and services, goods which are outside the purview of GST and the transactions which are below the prescribed threshold limits," the CBEC FAQ noted.

While 24 states have passed state GST acts, seven have not - as yet. They are: Meghalaya, Punjab, Tamil Nadu, Kerala, Karnataka, Jammu and Kashmir and West Bengal.

While the location of the supplier and the customer within the country is immaterial for the purpose of CGST, SGST would be charged only when the supplier and the customer are within the state.

An illustration from the FAQ published by the government: Suppose the CGST rate is 10 per cent and the SGST is 10 per cent. When a wholesale steel dealer in Uttar Pradesh supplies bars and rods to a construction company within the state for, say, Rs 100, the dealer would charge CGST of Rs 10 and SGST of Rs 10, in addition to the basic price of the goods.

The wholesaler would be required to deposit the CGST into a central government account and the SGST into the account of the state government.

"Of course, he need not actually pay Rs 20 (Rs 10 + Rs 10) in cash, as he would be entitled to set-off this liability against CGST or SGST paid on his purchases (say, inputs)," said the FAQ

This is where implementation challenges arise, as former ICWAI president Raghu explained. Every invoice from buyers and sellers must be entered in the GST system correctly to ensure that benefits accrue down the chain.

"We have a system today across a majority of small units where an accountant comes (in) once a month, makes vouchers and inputs details for taxes," said Raghu. "That will have to end now because we are moving to an online, almost real-time system that will need a lot of manpower."

The finance industry is ready by training its professionals, said Raghu, who predicted many job opportunities over the next 5-6 years. But, as he added, it would take at least 12 to 18 months for the system to "settle down".

"I do see a lot of CAs and other finance professionals being trained for indirect taxes in the coming years," he said.

India's industry and its banking system will have to change systems, train personnel and accept the extra workload for the new taxation system. The banking system has clearly said it is not yet ready. Industry is ambivalent.

"Nearly 50 per cent of Indian businesses are not aware of the changes that GST will usher in," Bharat Goenka, Managing Director, Tally Solutions, was quoted as saying in the Economic Times on June 5.

Tally accounting software is widely used by Indian companies. The company is waiting for the GST rules to be finalised, so that it can roll out its GST software for Indian companies.

A senior official of Federation of the Indian Chambers of Commerce and Industry (FICCI), requesting anonymity because the launch date was close, said GST was "now a fact", and industry was trying to adapt. FICCI has been conducting awareness sessions among industry verticals to help understand the new structure, he added

The industrial sector, especially the services sector, is waiting for more clarity on tax rates, processes and the time frame for the systems to settle down.

"What we still don't know is which tax slab we fall in," a marine service provider operating in Goa told IndiaSpend, on condition of anonymity.

"While it is good that the taxation system will be streamlined and we will not have to deal with multiple tax payments like excise, service tax and value added tax, we still don't know how much time it will take for everybody to be on board."

Business Standard | Jun 10, 2017