Policies for Promoting the Circular Economy in India

Abstract

The demand for resources is increasing in India because of growth, changing lifestyles, and aspirations of people for improving lifestyles, but the major challenge for the economy is to provide these economically without hampering the ecology and society negatively. The negation of externalities resulting from the use of resources is the major challenge for the policymakers along with providing balanced developmental avenues to the society. The framework to achieve efficiency in resource use can be appropriately designed through innovative ways and policies. The Indian economy over the last few years has clearly moved to controlled regulation from command through the practice of economic instruments for regulations. The policy adopted by India to achieve circularity includes the financial support and guidance for research and development, formulation of standards like ECOMARKS, public procurements, and certification and self-regulation, which are discussed in the chapter.