What is India-Australia Circular Economy Hackathon?
Atal Innovation Mission (AIM) is an initiative set up by NITI Aayog. AIM has collaboration with Australia’s Commonwealth Scientific and Industrial Research Organisation (CSIRO). It will conduct a two-day hackathon on circular economy, ‘India-Australia Circular Economy Hackathon (I-ACE)’, in December 2020.
What are the Key themes of the India-Australia Circular Economy Hackathon?
The Key themes of the India-Australia Circular Economy Hackathon are:
- Transformation in packaging, reducing packaging waste.
- Transformation in food supply chains, avoiding waste.
- Creating chance for plastic waste reduction.
- Reuse important energy metals and e-waste.
What is Circular Economy?
Circular Economy is an economy where products are designed for durability, reuse and recyclability and thus almost everything gets reused, remanufactured, and recycled into a raw material or used as a source of energy.
India and Circular Economy
India is so far on its path to the circular economy. The initiatives of the National Productivity Council (NPC) and government show that.
- NPC is an independent body under the Ministry of Commerce & Industry. The Productivity Week 2019 Theme was ‘Circular Economy for Productivity and Sustainability’.
- ‘Digital India’ Program consists of a significant elements of the recycling of electronic wastes. Swachh Bharat Mission is also about making wealth out of wastes.
India has lots of potential to regenerate and recycling asonly around 20% of the entire waste created goes into the recycling operation.
Manufacturing Sector, specially MSMEs can support a lot in transtition towards a circular economy.
What are the benefits of Circular Economy?
The benefits of Circular Economy are:
Fulfills the need for raw materials:
The output generated by industries in a circular economy comes back to the firms in the form of input. For example, when parts of a mobile will be seperate, copper and aluminum will enhance raw materials for some industries.
Efficient utilization of resources: This helps industries in gain cash profits equal to 3-5% of their turnover. Ultimately, QCDF (Quality, Cost, Delivery, and Flexibility) and sustainability level of firms get improved.
Issue of disposal of waste gets resolved as in a circular economy, waste is transformed into raw materials. Also resolves the issue of air pollution, soil pollution and water pollution.
Cost-Effective: The products in the circular economy are so much cost effective for buyer as they prone to be more well organised, besides having a lengthy shelf life.
Efficient Products: Enlarge Efficiency leads to a decrease in the cost of continuation as well as that of discarding, which otherwise a buyer has to suffer in a huge amount.
Category: Economy & Banking Current Affairs