The Atal Innovation Mission (AIM), an initiative launched by NITI Aayog, in association with Australia’s Commonwealth Scientific and Industrial Research Organisation (CSIRO), is gearing up to host a two-day hackathon on the circular economy. ‘India-Australia Circular Economy Hackathon (I-ACE)’, slated for December 2020, is expected to bolster innovative solutions for the circular economy in both nations. The conception of this grand event dates back to a virtual summit held on June 4th, 2020.
Focus & Key Themes of I-ACE
The hackathon is designed to stimulate innovative technology solutions within students, startups, and MSMEs in India and Australia. The key themes under focus include innovation in packaging, reducing packaging waste, innovation in food supply chains, avoiding waste, creating opportunities for plastic waste reduction, and recycling critical energy metals and e-waste.
The Selection Process and Award Scheme
Shortlisted students and startups/MSMEs will be invited to the hackathon. Two winners (one student and one startup/MSME) per theme from each country will be announced at an award ceremony. Winning teams from both countries will receive cash prizes, with the winning Indian student and startup/MSME awarded Rs. 2 lakh and Rs 5 lakh respectively, along with post-hackathon product development opportunities.
Understanding the Circular Economy
A circular economy is a system where products are designed for durability, reuse, and recyclability, almost everything gets reused, remanufactured, and recycled into raw materials or used as a source of energy. This includes 3 R’s (Reduce, Reuse, and Recycle), Refurbishment, Recovery, and Repairing of materials.
The Benefits of a Circular Economy
For industries, a circular economy helps fulfill the need for raw materials as output produced comes back in the form of input, also leading to efficient utilization of resources and improving QCDF (Quality, Cost, Delivery, and Flexibility) and sustainability levels. For the environment, the circular economy solves waste disposal issues, curbs air pollution, water pollution, and land pollution. Lastly, for consumers, products in the circular economy are more cost-effective, efficient, have a longer shelf life, and less maintenance cost.
Global Response to Circular Economy
Countries like Germany and Japan have reorganized their economies based on this principle, and China has even instantiated a law to promote it. The United Nations’ Sustainable Development Goals also include related ambitions.
India’s Progress Towards a Circular Economy
India is already on the path towards a circular economy. The initiatives of the National Productivity Council (NPC) and government are evidence of this. NPC is an autonomous organization under the Ministry of Commerce & Industry. Evidence of this progress can be seen in the ‘Digital India’ Program and the Swachh Bharat Mission which both focus on significant components of recycling wastes.
Transformation Towards a Circular Economy
The transformation toward a circular economy can be greatly helped by the manufacturing sector, especially MSMEs. They should focus on designing processes for refurbishment and easy cycling, educating masses on the benefits of a circular economy, developing collaborative models for smooth implementation, innovating products for circularity, digitization for transparency, virtualization, dematerialization, and feedback driven intelligence for resource saving and energy-efficiency.
The Way Forward
India and Australia’s decade-long productive bilateral partnership has yielded positive results across numerous areas. A switch to a circular economy can provide opportunities for both developed and developing countries to achieve economic growth and inclusive and sustainable industrial development in line with the 2030 Agenda for Sustainable Development. This transition requires systematic innovations including new innovative financing models, partnerships, business models, and a strong integration of industry 4.0 principles.