MSMEs need support for transition
– NL Selvakumar, Head Environment, First Solar
Circular economy principles are becoming increasingly important in today’s world to ensure sustainable practices across all sectors. As of today, there are nearly 90 million MSMEs in India and the sector contributes to about 30 per cent to the country’s GDP.
Collaboration and support…
To integrate circular economy principles into MSMEs, significant efforts are needed to provide training and guidance, especially considering their limited digital access and experience in sustainable practices. Collaborations with larger industries and support from government can facilitate this transition along with access to green finance.
Overall, the shift towards a circular economy requires concerted efforts from policymakers, industry stakeholders and financial institutions to empower MSMEs and drive sustainable economic growth.
Need a distinction between upcycling and downcycling
The transition from a linear economy, characterised by “take-make-dispose” model, to a recycling economy marks a significant shift. In a recycling economy, there’s an inherent advantage as it emphasises reuse and recycling of materials. However, it’s crucial to differentiate between downcycling and upcycling within the recycling process. While downcycling often leads to a decrease in material quality, upcycling creates higher value products from discarded materials. Yet, the ultimate goal lies in achieving a circular economy where resources are utilised in a loop like manner and waste is minimised. The circular economy paradigm embodies sustainability by continuously circulating resources, mirroring nature’s regenerative process.
