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Press Release

Recycling industry likely to reach $3 trillion in 20 years: Ved Prakash Mishra, Joint Secretary, MoEF&CC, GoI

Mar 24, 2025

 

  • India’s current trajectory with problematic packaging could lead to material value loss of approximately $160 bn by 2030 from current $16 bn: FICCI-RECEIC Report

Circular interventions have potential to unlock approximately $107 bn material value by 2030

 

  • Indian Chemical sector likely to reach $300 bn by 2030 and $ 1 trillion by 2040: FICCI-RECEIC-HUL Report

 

 

NEW DELHI, 24 March 2025: Mr Ved Prakash Mishra, Joint Secretary, Ministry of Environment, Forest & Climate Change, Govt of India today emphasized that transition to circular economy is not only an environmental necessity, but it also offers economic opportunities. “We need to transform into a circular economy, and cannot rely anymore on the take, make and dispose model. It is imperative for us to adopt, and we no longer have any other option as of now,” he added.

 

Addressing the ‘Global Symposium on Resource Efficiency & Circular Economy’ organized by ‘Resource Efficiency and Circular Economy Industry Coalition’ (RECEIC), jointly with FICCI and MoEF&CC, Mr Mishra further expressed hope that the recycling industry is likely to reach $ 3 trillion in next 20 years. Most of the materials which we manufacture can be recycled in some or the other way. There are a few which cannot be recycled but can be utilized in other ways including plastics which cannot be recycled but can be used for energy recovery and fuel.

 

Mr Mishra stated that over the past few years, government has launched some EPR policies in select sectors including plastic, e-waste, batteries, and used oil and some others are in pipeline.

 

Mr Manish Sharma, Chair, RECEIC Steering Committee & Chairman, Panasonic Life Solutions, India and South Asia said that the responsibility to enable resource efficiencies and circular economy are very important. “Our belief at RECEIC is that we are not looking at topics like enabling energy transition in the most effective manner, but we are wanting to drive energy security through energy transition by enabling actions which are required today,” he added.

 

Mr Janardhanan Ramanujalu, Vice President, Indian region, SABIC said, “A good value chain integration offers opportunities which are beyond the obvious. We need to extend our perspective beyond individual factories, manufacturing plants, buildings, and think about how we can interconnect and integrate for resource efficiency.”

 

Mr Sashidhar Vempala, Chief Sustainability Officer, Hindustan Unilever said that regenerative growth in terms of materials in current times is not just a policy decision. It is important for all of us to look at it for the generations to come.

 

During the event, 2 reports ‘FICCI-RECEIC - Packaging Reimagined 2.0: Alternate & Sustainable Solutions’ and ‘FICCI-RECEIC-HUL: Transitioning The Chemical Industry To A Net Zero Pathway’ were released.

 

Link to both the reports: ImageFICCI Report on Chemicals.pdf   ImageFICCI Report on Packaging.pdf

 

Key Highlights of ‘Packaging Reimagined 2.0: Alternate & Sustainable Solutions’ report: 

 

  • Global Packaging market value is approximately $1,175 bn with an annual growth rate of 4% during 2023-2028
  • India’s current trajectory with problematic packaging could lead to material value loss of approximately $160 bn by 2030; 10-fold increase from current $16 bn
  • Packaging circulatory solutions can drive positive value chain for Indian economy; potential to create approximately 6.5 million green jobs
  • Barriers to scaling solutions for problematic packaging span entire value chain.
  • Circular interventions have potential to unlock approximately $107 bn material value by 2030
  • To drive eco-design initiatives, indigenous manufacturing of sustainable packaging materials to be prioritized.

 

 

Key highlights of ‘FICCI-RECEIC-HUL: Transitioning The Chemical Industry To A Net Zero Pathway’:

 

  • Indian Chemical sector likely to reach $300 bn by 2030 and $ 1 trillion by 2040
  • Global chemical industry expected to grow from $6,182 bn in 2024 to $ 6,324 bn by 2025 with year-over-year growth of 2.3%
  • India’s transition to bio-based feedstock in the chemicals sector needs comprehensive policy support to incentivise sustainable practices, considering economic and social impacts.
  • With competition from other sectors like energy and aviation, a holistic policy framework is crucial to address shared challenges and opportunities, ensuring all sectors contribute to net-zero goals without hindering each other.
  • Coordinated policy interventions necessary to overcome market barriers, drive innovation, and create a level playing field for bio-based alternatives are provided as key policy recommendations below.

 

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