Union Minister for Civil Aviation and Steel Mr Jyotiraditya Scindia said that Central Government stands firm on its commitment to the material recycling industry. Today the recycling industry contributes almost 10,000 crores to India’s GST and in the years to come it is expected to go up by 35,000 crore. The Union Minister was speaking at the plenary session of the 10th edition of the International Indian Material Recycling Conference organized by the Material Recycling Association of India (MRAI) in Kochi. “We are responsible as stakeholders for the generation that is yet to come, thus the material recycling sector is important,” he said
The Minister assured full commitment to the circular economy and recycling sector of India and increase per capita consumption of Steel. He pointed out that 22% of our steel is produced through recycling, but we need to include the informal sector for the development of the sector as well and said, “For our commitment to Net Zero by 2070, we can look at short term goals by using energy efficiency tools by 20% by 2030.”
Stressing that the steel industry is the sub-segment of the recycling sector, it must be at the forefront of adaptation and mitigation by joining hands with the principle of 6 Rs which include Reduce, Recycle, Reuse, Recover, Redesign and Remanufacturing. The Minister envisioned that these principles of the six R’s must become the embodiment of every good corporate governance structure.
Emphasizing the growth registered in the sector, Shri Jyotiraditya Scindia said in the last 8 years India has produced 25 million tonnes of scraps and bought 5 million tonnes. The production of steel increased by almost 50 % from 80 million per annum to 120 million tonnes per annum. “22 % of our steel is produced through recycling. We must ensure that we should bring the informal sector to the formal sector as an amalgamation of that will give a new thrust to the recycling and circular economy sector, “he added.
‘Scrap’ is a virtuous word that denotes a green economy to sustain Mother Earth in the years to come. It is our commitment that by 2030 we should reduce CO2 emissions by 50% and being able to do that scrap is an extremely important source. The use of scrap not only saves energy and emissions but also saves the consumption of tonnes of iron ore, cooking coal, and limestone. With the Vision of 2047, today’s 15% of scrap usage will increase to almost 25% in the next 5 years, which means the percentage of scrap for the production of steel should go up to 50%, with only 50% being dependent on iron ore, he added.
Material Recycling Association of India (MRAI) hosted the 10th edition of the International Indian Material Recycling Conference from 2 – 4 February 2023 in Kochi.
Disclaimer: This article is taken from a press release issued by the PIB.