According to the Ministry of Environment, the recycling industry is expected to reach $3 trillion in two decades

India’s Chemical and Recycling Industries Poised for Major Growth

The FICCI-RECEIC-HUL report projects that India’s chemical industry will grow to $300 billion by 2030 and expand further to $1 trillion by 2040.

Meanwhile, India’s recycling sector is expected to reach $3 trillion within the next two decades, according to Ved Prakash Mishra, Joint Secretary at the Ministry of Environment, Forest & Climate Change (MoEF&CC). Speaking at the Global Symposium on Resource Efficiency & Circular Economy, organized by the Resource Efficiency and Circular Economy Industry Coalition (RECEIC) in partnership with FICCI and MoEF&CC, Mishra stressed that adopting a circular economy is no longer optional but a pressing necessity.

Circular Economy: A Necessity, Not a Choice

“We can no longer afford the traditional take-make-dispose model. A transition to a circular economy is imperative,” Mishra stated. He emphasized that most materials used in manufacturing can be recycled, while non-recyclable plastics and other waste can still be utilized for energy recovery and fuel production.

Mishra also highlighted the government’s efforts to drive this transformation, citing the implementation of extended producer responsibility (EPR) policies in sectors such as plastics, e-waste, batteries, and used oil, with further regulations in development.

Key Reports Released at the Symposium

Two major reports were launched at the event:

• "Packaging Reimagined 2.0: Alternate & Sustainable Solutions" (FICCI-RECEIC Report)

  • Warns that India’s dependency on problematic packaging could result in $160 billion in material value losses by 2030—a tenfold increase from today’s $16 billion.

  • Highlights the potential for circular solutions to recover $107 billion in material value and create 6.5 million green jobs.

    
    

• "Transitioning the Chemical Industry to a Net Zero Pathway" (FICCI-RECEIC-HUL Report)

  • Predicts the chemical sector’s growth to $300 billion by 2030 and $1 trillion by 2040.

  • Emphasizes the importance of policy support for bio-based feedstocks to ensure industries work towards net-zero emissions without disrupting each other’s sustainability efforts.

    
    

Industry Leaders Advocate Collaboration in Resource Efficiency

Industry experts at the symposium reinforced the importance of partnerships and systemic integration to advance resource efficiency and sustainability:

• Manish Sharma, Chair of the RECEIC Steering Committee & Chairman of Panasonic Life Solutions (India & South Asia), highlighted the urgency of proactive energy security measures.

  • "At RECEIC, we are not just focusing on enabling energy transition effectively—we are committed to driving energy security by taking necessary actions today."

    
    

• Janardhanan Ramanujalu, Vice President of SABIC India, stressed the role of value chain integration in circular economy initiatives.

  • "A well-integrated value chain unlocks opportunities beyond what’s immediately visible. We must extend our vision beyond individual factories and manufacturing plants to a more interconnected approach to resource efficiency."

    
    

• Sashidhar Vempala, Chief Sustainability Officer at Hindustan Unilever, underscored the long-term impact of regenerative material growth.

  • "Sustainability is not just about policy—it’s about securing resources for future generations."

With increasing focus on circular economy principles, resource efficiency, and sustainable policies, industry leaders agree that India’s transition to a greener future is not just an opportunity but an urgent necessity

The detailed article published by www.entrepreneur.com can be accessed from https://www.entrepreneur.com/en-in/news-and-trends/recycling-industry-poised-to-hit-3-trillion-in-two/488958