India’s Electronics Sector to Harness USD 7 Billion Untapped Revenue via Circular Economy by 2035: Industry Stakeholders
Yet, the total addressable market, achievable through the right public and private actions, can reach an astounding $20 billion, revealing an untapped potential of 35 per cent, according to the report by the India Cellular and Electronics Association (ICEA).
New Delhi, August 28: India's electronics sector is set to harness $7 billion untapped revenue by 2035 via circular business model and policy pathways, industry stakeholders said here on Monday. Current commitments and targets set the projected market size for these circular models at $13 billion in 2035. Yet, the total addressable market, achievable through the right public and private actions, can reach an astounding $20 billion, revealing an untapped potential of 35 per cent, according to the report by the India Cellular and Electronics Association (ICEA).
Alkesh Kumar Sharma, Secretary, MeitY, said that embracing the circular economy and sustainable growth is pivotal as India's resource consumption is surging. “The report resonates with the government’s commitment to India-centric circular business models. It evaluates readiness, identifies opportunities, and proposes evidence-based policies, propelling us towards responsible resource management and the 4Rs — reuse, repair, recover and re-manufacture,” said Sharma. ONDC, a Government Initiative Reaches 50,000 Restaurants to Tackle the Zomato-Swiggy Dominance.
Three core business models -- Repair, Resell, and Recycling -- are already thriving in India, predominantly driven by the informal sector. Around 90 per cent of collection and 70 per cent of recycling are handled by this competitive sector. However, only 22 per cent of collected e-waste is managed by the formal sector, revealing room for improvement, the report mentioned. Facebook Groups Exposed to Hundreds of Fake Posts, Including False Reports of Missing Children ane Deadly Snakes on Loose: Study.
Pankaj Mohindroo, Chairman, ICEA, highlighted the future potential of India's electronics sector as a global manufacturing hub. “I am confident that the electronics industry would facilitate sustainable circular economy practices to ensure a sustainable green future for the generations to come,” Mohindroo said.
(The above story first appeared on LatestLY on Aug 28, 2023 01:34 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).