A Circular Economy also referred to as “Circularity” is a model of production and consumption, which involves sharing , leasing , reusing repairing, repurposing and recycling existing materials and products as long as possible. The concept of circular economy is often seen in the typical Indian middle class family. Reusing of rejected cloth as mop, using the body of pen again and again by changing refills, use of empty oil cans as pots for planting trees or making decorative items , using books and cloth of elders siblings etc. are all example of circular economy . The theory of circular economy aims at tackling global issues like climate change , waste , pollution and scarcity of resources. Circular economy also extends the life of the products.
According to a research documented in ‘ Finding growth within : A new framework for Europe’ , a circular economy could generate a net economic gain of € 1.8 trillion per year by 2030. Indeed its time to circulate with which responsible consumption. Assuming the rate of growing population on earth, In 2030 according to some forecast we will require 35% more food , 40% more water and 50% more energy than we do now. According to the 2021 Circularity Gap Report, circular economy strategies can cut global greenhouse gas emissions by 39%. The circular economy is a $ 4.5 trillion business opportunity.
No matter how many policies government can make on circular economy but it’s real implementation rests on an individual’s behaviour and the society will not work on this concept until and unless there are some gifts or incentive for the same.