• National Productivity Council (NPC), an autonomous registered society under Department for Promotion of Industry and Internal Trade, Ministry of Commerce & Industry.
• NPC is celebrating its 61st Foundation Day on 12th February with the theme “Circular Economy for Productivity & Sustainability”.
• NPC observes foundation day as Productivity Day and the National Productivity Week from February 12-18, 2019.
• This year theme represents a unique opportunity for circular business model for Make à Use à Return.
• It presents an opportunity for long term economic prospects and regeneration of materials. Transitioning to an efficient circular economy will benefit industry and all stakeholders now and in future.
• The inaugural session will deliberate upon contribution of circular economy to the Government’s aim of sustainable economic growth.
• At the national level function to be organised between 12th to 18th February, panel discussions by experts has been organized to deliberate on the challenges, benefits and outcomes from implementation of circular economy.
• It is envisaged that the session’s outcomes will be in terms of awareness and consciousness on the circular economy approaches.
Key facts about the circular economy
• The circular economy follows the principle of preservation and enhancement of natural capital by controlling finite stocks and balancing renewable resource flows.
• The other principles suggest optimizing of resource yields by circulating products, components, and materials at their highest utility at all times, in both technical and biological cycles.
• Circular economy has the potential to increase productivity and create jobs, whilst reducing carbon emissions and preserving valuable raw materials.
• It provides for a way of creating value.
• It works by extending product life span through improved design and servicing and relocating waste from the end of the supply chain to the beginning – in effect, using resources more efficiently by using them over and over.
• The challenge lies in building circular economy knowledge and capacity.
• To integrate circular economy principle in strategy and process, NPC has been in forefront enhancing of such efforts in enhancing productivity.
• Through observation of this week, it aims at collaboration with business and policy makers so as Circular Economy opportunities can be highlighted.
Mains Paper 3: Economy | Issues relating to planning, mobilization of resources
Prelims level: Circular Economy, NPC
Mains level: Read the attached story