Circular Economy, next stop for start-ups

Posted by Global technology interface on May 04, 2022


As global sustainability movements gain traction, start-ups can now consider taking advantage of vast prospects in the circular economy, which calls for the reuse, recycling, and refurbishment of natural resources. India's circular economy prospects are estimated to be worth $500 billion in areas such as agriculture, food, drinks, metals, mining, and electronics. The circular economy is based on three principles: waste reduction, pollution reduction, and environmental regeneration. Inventions by Indian start-ups are proof of technological growth and the positive impact that comes from operating in an environmentally conscious manner. The favourable global climate, government support, and private investments have created a favourable environment for start-ups to test and invent solutions tailored to India.

The nation's demands are improving in leaps and bounds in terms of being environmentally affable . Being environmentally conscious entails committing to the necessary efforts and taking active steps to challenge lifestyles and save resources. Many industries have taken notice of the effort to become green, as companies are beginning to recognise how their activities influence the environment. India's businesses and start-ups appear to be making a concerted effort to save the earth and combat climate change by reducing energy consumption and waste through the use of recycled or renewable resources. Massive climate change disasters have piqued the interest of aspiring eco-entrepreneurs and CEOs in the previous decade. They contribute to the affirmation of India's circular economy by recognising indicative patterns and implementing key adjustments in their respective industries. Given the scale of industries in India the country has incredible prospects to play a vital role in circular economy.

 

 

Over time, India's SMEs have become a crucial force in powering the economy. According to the Confederation of Indian Industry (CII), India's 42.5 million SMEs employ over 40% of the country's workforce and contribute roughly 30% of GDP2. As a result, the government invests in MSMEs in order to meet India's SDG obligations. Various government initiatives, such as attaining a circular economy, are contributing to the development of a rich ecosystem of sustainability drives.

 

Indian Start-ups Making India Sustainable:

 

  1. Phool- Founded in 2017, Phool is an innovative recycling startup that works on India’s temple waste problem. The Kanpur-based provides solutions to the flower waste generated in the Temples by making charcoal-free incense, wellness products, and biodegradable packaging materials. 

 

  1. Takachar- Takachar is a Delhi-based company that has developed a machine that converts agricultural waste biomass into marketable products. India is one of the world’s largest agricultural economy and as a result, it also generates plenty of agricultural waste. The stubble burning in North India is one of the biggest reasons for air pollution. Takachar’s innovative and affordable machines will help farmers turn agricultural waste into products like fuel and fertilizer, which will augment their income.

 

  1. Nexus Power:The start-up creates biodegradable electric vehicle batteries from crop residue by leveraging nanotechnology. The business utilises one of the significant sources of air pollution, unburnt crops, in manufacturing rechargeable energy-storing cells using a distinctive extraction and filtration technique. Such cells are later installed in electric vehicles as they are used to make the IoT and AI-based sensor-enabled battery pack.

 

 

If you are a technology company in this sector, you can register on the technology platform Global Technology Interface® (GTI ®) as a tech displayer to showcase and deploy your technologies to promote circular economy and browse through the existing opportunities and technologies to explore collaborations. Given the huge opportunity in this sector, the platform can support you with accessing new markets and leveraging opportunities in this sector.

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