Union Minister for Steel Jyotiraditya Scindia said that the Central government stands firm on its commitment to the material recycling industry, a sector that needs to be encouraged and pushed forward in today’s world.
The recycling industry contributes almost Rs 10,000 crore to India’s GST and in the years to come, it is expected to go up by Rs 35,000 crore.
The Union Minister was speaking at the plenary session of the 10th edition of the International Indian Material Recycling Conference organised by the Material Recycling Association of India (MRAI).
The Minister assured full commitment to the circular economy and recycling sector of the country, and increased per capita consumption of steel.
He pointed out that “22 per cent of our steel is produced through recycling, but we need to include the informal sector for the development of the sector as well”, adding: “For our commitment to Net Zero by 2070, we can look at short term goals by using energy efficiency tools by 20 per cent 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 — Reduce, Recycle, Reuse, Recover, Redesign and Remanufacturing.
The Minister envisioned that these principles of the six Rs must become the embodiment of every good corporate governance structure.
Scindia said steel is ideally best suited for the area of circular economy and the government is fully committed to the circular economy and recycling sector not only in India but across the world.
Emphasising the growth registered in the sector, Scindia said in the last eight years, India has produced 25 million tonnes of scraps and bought 5 million tonnes.
The production of steel was increased by almost 50 per cent from 80 million per annum to 120 million tonnes per annum.