Circular Business To Generate $7 billion Revenue By 2035 In India: Report

New Delhi, Aug 30 (KNN) Circular business models have the potential to attract revenue potential of USD 7 billion by 2035, according to a joint report by India Cellular & Electronics Association (ICEA) and Accenture issued Monday.

A total of six circular business models, including circular design, repair, and resell, can reshape the electronics sector, driving economic growth and boosting resilience. 

"The projected market size for these circular models is valued at USD 13 billion by 2035. Yet, the total addressable market, achievable through the public and private partnerships, increases to USD 20 billion, revealing an untapped potential of 35%," the report said.

The circular economy approach in electronics domain must outgrow its role in e-waste management to evolve into a powerhouse for resilience, resource efficiency, and economic growth.

India's dynamic circular electronics policy framework is undergoing a metamorphosis, driven by the pivotal E-Waste Management (EWM) Rules and the strategic prioritization of e-waste by NITI Aayog.

The report highlighted that failure to embrace the circular transition could affect approx. 1-3% of electronics industry's EBITDA, leading to potential revenue loss.

India's unique socio-economic and manufacturing landscape, a strategic balancing of five key trade-offs is imperative. 

These include decisions on policy vision, formalizing the informal sector, incentivizing ease of doing business, managing supply-side strength, and tapping into consumer-driven demand shift, the report added.

It added that three core business models - repair, resell, and recycling - were already thriving in India, predominantly driven by the informal sector.  (KNN Bureau)