- Repair, Resell, and Recycling are playing major role in the electronics industry.
- The report resonates the govt’s commitment to India-centric circular business models
A joint report by the India Cellular and Electronics Association (ICEA) and Accenture recently revealed that India’s electronics sector will harness $7 billion in untapped revenue by 2035 via circular business model and policy pathways.
In this report, a total of six circular business models have been identified, which includes circular design, repair, resell, etc. These models can potentially reshape the electronics sector, fostering economic growth and enhancing its resilience. “The circular business models are projected to contribute to a market size of $13 billion by 2035. However, through effective public-private partnerships, the report suggests that the total addressable market could reach $20 billion, revealing a remarkable untapped potential of 35 per cent,” says the report titled Pathways to Circular Economy in Indian Electronics Sector.
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 — re-manufacture,” said Sharma.
There are three business model- Repair, Resell, and Recycling, which are playing major role in electronics industry. Around 90 per cent of collection and 70 per cent of recycling are handled by this competitive sector. However, the report mentioned that only 22 per cent of collected e-waste is managed by the formal sector, revealing room for improvement. Pankaj Mohindroo, Chairman, ICEA, highlighted the future potential of India’s electronics sector as a global 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.