Metal sector needs to be at forefront of circular economy model: Scindia

New Delhi [India], August 26 : Consensus seems to have emerged across the globe that a circular economy is the only way towards conservation of resources and the metal sector needs to be at the forefront of this economic model, Union Minister for Steel and Civil Aviation Jyotiraditya M Scindia said on Friday.
"We must understand that the future of humanity cannot be built on a 'take-make-dispose' model i.e., Linear Economy. The metal sector needs to be at the forefront of the circular economy model in view of its pervasive applications besides the inherent potential of metals to be amenable and adaptable to business models following 6R principles of Reduce, Recycle, Reuse, Recover, Redesign and Remanufacture," the Minister said.
Scindia was speaking at the International conference on Circular Economy and Resource Efficiency, organised by the Indian Institute of Metals Delhi Chapter.
Scindia recalled Prime Minister Narendra Modi's address on 15th August 2021 in which he emphasised on the urgent need of the Circular Economy Mission.
In his address, the Prime Minister had exhorted that the circular economy is the need of the hour, and we must make it a mandatory part of our lives due to the fast depletion of natural resources to meet the needs of the modern economy.
Scindia added that the metal industry is a highly energy-intensive industry and thus cause large carbon emission, which is a major challenge for the global community thus we have to adapt new technologies to achieve the goal of zero carbon emission. We all agree that in today's technologically dominated world, nothing is wasted and all so-called wastes can be converted into resources for wealth creation by the adoption of suitable technology, he said.
India's Mining & Metal sector is set for robust development in view of the expected jump in demand to support the emerging boom in growth in the automotive, infrastructure, transport, space and defence. The challenge in this fast-paced world is to confront the by-products of sectors such as steel, which is at the same vital for the economy and on the other hand, is hard to abate sector with respect emission of carbon dioxide. Steel Makers across the globe are set on a course to evolve suitable strategies to tackle the twin challenges of environmental sustainability and circular economy.
The minister points out that the Government of India has taken a timely initiative through NITI Aayog by forming 11 committees to promote Circular Economy in various sectors including the Metals sector covering Ferrous and non-Ferrous metals.
Scindia apprised that the Ministry of Steel is working as a nodal agency and has already prepared a detailed roadmap for promoting a circular economy in the Metals sector covering all facets of production from mining to finished metal production and their recycling/reuse including utilization of all wastes and by-products generated in the process.
Minister highlighted that the circular economy is much more than recycling. A very large part of our energy consumption, and therefore the related greenhouse gas emission is closely linked to the extraction, processing, transportation, use and disposal of materials.
Circular strategies such as circular design, material efficient production, reuse, repair and recycling lead to saving in material consumption and reduce greenhouse gas emissions. By focusing on maximum value retention and closing material recycle, the circular economy possesses robustness that will help in dealing with drastic changes caused by climate change. These moves will have multiple benefits for the nation and have a multiplier effect on the GDP due to associated supply chain as well as consumption-related industries besides creating large employment opportunities both directly within the plant and indirectly in associated industries.
The Minister said that India has increased the installed capacity of production of steel by 50 per cent to 155 million tonnes in Financial Year 2022 from around 100 million tonnes in the financial year 2014. During this period of eight years per capita consumption of Steel also has gone by almost 50 per cent to 77 kg per capita today.
Steel Industry is on a steady growth path led by the government of India's Investor friendly policies in addition to the government's focus on strengthening the infrastructure of the country. Revolutionary changes have brought in the Mineral and metal sectors and today India is now 2nd largest steel producer in the world, Scindia added.