ECONOMIC PERFORMANCE OF THE SCRAP INDUSTRY AND ITS ROLE IN WASTE MANAGEMENT AND POLLUTION CONTROL IN INDIA

Fast industrialization and increasing economic operations of India resulted in exceptional growth in creation and accumulation of wastes. These wastes include solid wastes, plastics, metals, bio-medical wastes etc. Increased accumulation of wastes has led to severe ecological and health issues in the country. In this context, the role of scrap industry, which is generally informal, but extensive in its operations plays a significant role. This paper attempts to study the economic performance of scrap industry in India by focusing on its significant contribution to the GDP of the nation, job creation and efficiency in utilisation of resources.Predominantly,the papa evaluates the vital role of the industry in managing the wastes of the nation by collecting several types of waste materials from landfills thereby strengthening the base of a circular economy.Moreover, the study highlights the contributions of scrap industry in controlling pollution through reduced extraction of fresh materials, lower consumption of energy and reduced rate of greenhouse gas emissions. The paper argues for giving due importance to the scrap industry by way of technological integration,professionalised approaches and extending policy support to the industry from the side of Government in order to improve its potential ensuring sustainable development of the country.