Circular Economy Hackathon

• Vaid's ICS, Lucknow
• 23, Dec 2021

Why in News?

PM has recently addressed the India-Australia Circular Economy Hackathon (I-ACE)

What is Circular Economy?

It is an economy where products are designed for durability, reuse and recyclability and thus almost everything gets reused, remanufactured, and recycled into a raw material or used as a source of energy.

Efficient Use of Resources: It includes 3 R’s (Reduce, Reuse and Recycle), Refurbishment, Recover, and Repairing of materials.

Example: If a person is planning to discard his/her mobile, it can be given to someone else (i.e. giving the mobile second life-Reuse), rather than throwing it just like that.

Once the mobile reaches its end of life, it can be ensured that everything embedded in it, aluminum, copper, plastic etc. should be brought back to production cycle so that the circle of the economy gets completed.

• Response to the Linear Process:Many countries follow a linear process in which raw materials are taken from the environment, turned into new products which are then disposed of after use.

Benefits:

For Industry:

• Fulfills the need for raw materials:The output produced by industries in a circular economy comes back to the industries in the form of input, for example, when parts of a mobile will be segregated, copper and aluminum will become raw materials for some industries.
• Efficient utilization of resources:This helps industries in earning cash profits equivalent to 3-5% of their turnover. Ultimately, QCDF (Quality, Cost, Delivery, and Flexibility) and sustainability level of industries get improved.

For Environment:

Problem of disposal of waste gets solved as in a circular economy, waste is converted into raw materials.

• Also solves the problem of air pollution, water pollution, and land pollution.

For Consumers:

Cost-Effective: The products in the circular economy are more cost effective for consumers as they tend to be more efficient, besides having a longer shelf life.

• Efficient Products:Increased Efficiency leads to a reduction in the cost of maintenance as well as that of disposal, which otherwise a consumer has to incur in a huge amount.

Facts  For Prelims:

Kalibari temple:

• This Hindu temple is located in Bangladesh.
• It was recently inaugurated by President Ram Nath Kovind. It was destroyed by Pakistani forces in 1971.
• The original Ramna Kalibari was built during the medieval era and was famous for its tall structure.
• In 1929, the temple complex acquired an additional building for the devotees of the famous saint Anandamayee, who later became Prime Minister Indira Gandhi’s spiritual advisor.