Raising Revenue in India through Recycling Waste
Raising Revenue in India through Recycling Waste
Over time, the definition of waste has evolved from being seen as trash or abandoned material to being considered an asset or resource capable of generating revenues in crores. Waste management is no longer solely about reducing landfill volumes, but also about reducing reliance on fossil fuels. Globally, many countries are actively seeking the best technologies to utilize waste. Adequate treatment of waste, or sustainable waste management, is essential for sanitation, economic, and environmental values, including its potential contribution to energy generation in developing countries like India.
Developed nations have adopted integrated waste management systems to maximize waste-based revenues, including energy, fuels, heat, recyclables, value-added products, and chemicals, alongside increased job and business opportunities. India generates approximately 62 million tons of waste with an average annual growth rate of 4%, and currently, only 20% of municipal solid waste is recycled. This necessitates a solid waste management system, especially since waste management in India is potentially a $15 billion industry.
Of the entire waste produced in India, 25% is dry waste components that can be recycled. This recyclable waste, which is dumped into landfills due to a lack of proper collection and infrastructure, can be reused as raw material. Proper segregation and processing can make it a highly lucrative source of revenue. Plastic waste and e-waste, two key components of waste generation in India, have huge potential to be transformed into channels of high revenue generation, alongside paper, glass, and metal waste.
Recyclable waste, also known as “scrap” or reprocessed material, can reduce the cost of manufacturing. The processed waste is cheaper than new raw material, making it a cost-effective solution for industries looking to reduce costs. However, proper waste segregation is crucial to the recycling process, and waste must be separated and treated in accordance with the requirements of recyclers.
India has the necessary infrastructure in place for waste management, but proper channelization of resources is lacking. Start-ups have penetrated the market, but there remains an untapped segment that can generate an unimaginable amount of revenue, employment opportunities, and reduce the carbon footprint. A tonne of recycled paper saves 17 trees, 2.5 barrels of oil, 4100 kWh of electricity, 4 cubic metres of landfill space, and 31,780 litres of water. With more businesses seeking alternative and cost-cutting elements of production, recycled products are increasingly in demand.