Amit Chandra and Harsh Mariwala: Advocating Innovation in Battling Plastic Waste

India is grappling with a severe plastic waste crisis, with plastic consumption and waste generation rising exponentially over the past five years. Consumption reached 19.8 million tonnes in 2019-20, growing at a Compound Annual Growth Rate (CAGR) of 9.7 percent. Simultaneously, waste generation escalated to 3.4 million tonnes from 1.6 million tonnes in 2016-17, soaring at a CAGR of 20.7 percent. Alarming as it is, only 30 percent of this colossal waste is recycled, while the remainder accumulates in landfills.

In this precarious scenario, Amit Chandra, Honorary Chairperson of the Governing Council at the Marico Innovation Foundation (MIF) and Chairperson of Bain Capital India, emphasizes the urgent need for disruptive solutions. While plastics are indispensable, the rate of consumption has reached unsustainable levels, necessitating transformative measures. The key to resolving this crisis lies in transitioning to a circular economy, which focuses on waste elimination and product/material reusability. This monumental task requires active involvement from every stakeholder, including civil society, government, and the private sector. To achieve this goal, the Marico Innovation Foundation is collaborating with nearly 15 start-ups, assisting them in scaling up and creating significant impacts.

However, implementing changes for a sustainable future also necessitates an enabling policy framework, as underscored by Amit Chandra. He highlights the importance of introducing incentives and costs associated with waste disposal, such as landfill taxes. While the government has initiated steps to address single-use plastics, it must adopt a more proactive role in driving change. The current state of the industry is highly unorganized, with manual waste sorting leading to suboptimal recycling quality. Thus, a holistic approach is imperative, beginning with raising awareness among civil society to comprehend the enormity of the plastic waste problem.

Innovation within the circular economy is gaining momentum through various startups. Nevertheless, the sector’s funding remains surprisingly low, amounting to only $6 million in CY21, compared to the substantial investments in sectors like edtech and fintech. Additionally, there are no unicorns within India’s circular economy sector. Amit Chandra expresses his astonishment at the limited financial support for these startups, emphasizing the need to demonstrate the scale of the issue and its profitable solvability to attract investors. Moreover, challenges such as value chain consolidation and asset-heavy operations may hinder funding efforts.

Startups are pioneering AI-based technologies for dry waste segregation (Ishitva Robotic Systems), creating sustainable bricks from recycled waste (Angirus), recycling used sanitary napkins hygienically (Padcare), and converting low-value multi-layered packaging waste into construction panels (Ricron), among other innovations. Although these products and services may currently be costlier than plastic alternatives, they have the potential to become more competitive over time with scale and government incentives.

The report produced by the Marico Innovation Foundation in collaboration with the Indian Institute of Science and Praxis Global Alliance is just the beginning of their efforts to address the plastic waste crisis. Their ultimate goal is to develop practical solutions that create a substantial impact on the ground, underscoring the critical role of innovation in combating one of the planet’s most pressing challenges.