As we approach the 2025 Union Budget, it is imperative that the government focuses on policies that drive the growth of the circular economy and sustainable technology sectors. With the global refurbished smartphone market growing at a compound annual growth rate (CAGR) of 10.23% through 2028, and India`s e-waste management industry projected to reach $7.5 billion by 2025, the opportunity to capitalize on sustainable technology is immense.To accelerate this shift, the government should prioritize the following in the upcoming budget:
Tax Incentives for Refurbishment and Recycling: Providing tax incentives for companies engaged in refurbishing and recycling electronics will drive industry growth, reduce e-waste, and support sustainable consumption at scale.
Investing in R&D for Green Tech: Allocating funds for research into innovative, sustainable tech and advanced recycling methods will position India as a leader in green technology and innovation.
Public Awareness Campaigns: With more than 70% of Indian consumers now open to purchasing refurbished products, government-backed awareness campaigns can drive significant consumer behavior change, expanding the demand for sustainable tech.
By implementing these measures, the government can foster a thriving circular economy, reduce environmental impact, and establish India as a global leader in the sustainable technology space.