The circular economy is not just a goal; it is in fact a means towards a better world. This would need a roadmap, and the Indian textiles and apparel industry surely requires one.
The move towards a circular economy is complex and requires concerted efforts by the government, businesses, consumers and social organisations. A circular economy transcends sectors and requires investments from various strategic stakeholders. Systemic thinking is required to create an economy that generates zero waste and maximises product-use value.
The start-up India emergence in the country is opening new business models that break the rules of the traditional linear system of fashion. According to the 2018 RBC Capital Markets report, one-third of closets by 2027 will be owned by the resale model, growing at multiple folds faster than linear-retail as a whole. Hence, larger brands and retailers are curious to look at newer shared economy models in order to retain market share and gain a competitive edge in the future.
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