SEATTLE (Recycling Monster): The latest study report published by Avendus Capital states that the recycling of plastics, electronic waste and batteries offers a $20 billion business opportunity in India.
According to the report, the country has been witnessing an urgent need for policies that promote resource preservation and mitigate climate change, mainly due to rising global pressure to switch to sustainable practices. The growing emphasis on sustainability and regulatory support has put the recycling sector at a big turning point, noted Koushik Bhattacharyya, Managing Director and Head of Industrials Investment Banking, Avendus Capital.
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Despite rising awareness about circular and sustainable practices, the country still relies heavily on materials from primary sources. The proposed new waste management rules are expected to benefit the country’s recycling sector. The plastic waste recycling industry is projected to witness a CAGR growth of 24% through FY30. Also, e-waste recycling sector is likely to grow at a CAGR of 23% during this period.
As per rough estimates, only 7% of material inputs across the world will come from recycled sources. The report says that this suggests a gradual decline, when compared with 9% recorded in 2018.
