Mr. Jay Shah, Chairman & Managing Director of Gabriel PET Straps Limited, is a prominent figure in the green entrepreneurship movement. His company's innovative approach to manufacturing PET straps from recycled plastic waste aligns perfectly with the growing emphasis on sustainability and environmental responsibility. With over 11 years of experience, Mr. Shah has positioned Gabriel PET Straps as a key player in the industry, recycling over 95% of its materials and reducing landfill waste.
In this article, he highlights the critical role MSMEs, particularly green businesses, play in India’s aspiration to become a developed economy by 2047. Mr. Shah emphasizes the need to balance economic growth with environmental responsibility, addressing climate change and waste reduction. He also discusses the circular economy's potential, noting India’s PET recycling rate at 90%, which exceeds global standards..jpeg.jpeg)
Through his company’s initiatives and broader efforts like the Swachh Bharat Mission, he envisions green entrepreneurs as key players in promoting sustainability while driving economic progress and improving societal outcomes.
Read on to explore Mr. Shah's insights and the transformative impact of green entrepreneurship on India's future.
Opinion Piece by Mr. Jay Shah, Chairman & Managing Director of Gabriel PET Straps Limited
For all emerging and developed economies, MSMEs serve as the backbone of enterprise value creation for the country's GDP. For centuries, the MSME segment, whether in the form of artisans, traders, agri-product sellers, or merchants, has been contributing to the socio-economic development of the civilizations. Over time, the nature of the businesses has changed, and entrepreneurs have innovated themselves to adapt to the evolving business environment.
I recall the quote of Fred Rogers, a famous American television host: “Often when you think you are at the end of something, you are at the beginning of something else.” When the Indian government opened the economy gates for liberalization, privatization, and globalization, many thought that small businesses were going to die. However, many in the Indian MSME sector adopted a formal way of doing business, allowing them to connect to markets in other developed countries. Today, we see Walmart and other global retailers buying many products from Indian MSMEs.
The biggest challenge that the world faces in this century is that of climate change. The entire human civilization is facing the wrath of nature, and it is now imperative for us to reverse the process of consumption. As the benefits of capitalism and free market economies have reached millions, the aftereffects of mindless consumption have created natural dustbins in landfills and oceans, thus polluting our environment.
According to a World Bank research report, deforestation, air and water pollution, natural disasters, and climate change are all significant contributors to the increasing environmental degradation on a global scale. The urgent need to develop sustainable solutions to address the problems posed by climate change is shared responsibility for both developed and rising economies, as it is an unavoidable and pressing issue that the world will face in the twenty-first century. The Intergovernmental Panel on Climate Change (IPCC) has provided a comprehensive definition of climate change, describing it as "a change in the state of the climate that can be identified by changes in the mean and/or the variability of its properties, and that persists for an extended period, typically decades or longer." For example, India produces approximately 62 million tons of waste every year, with over 75% of it not being processed. The majority of the waste generated includes organic waste, plastic, paper, glass, metal, and hazardous waste. According to a study by the Central Pollution Control Board, plastic waste accounts for almost 12% of the total waste generated in India.
In today's world, striking a balance between economic growth and environmental preservation is crucial. Industries are now expected to take on the responsibility of recycling their products and minimizing pollution at the source. It's important to recognize that every challenge presents hidden opportunities. Therefore, green entrepreneurship can be described as individuals' efforts to promote environmentally friendly activities using various methods, whether through the market or non-market routes. Green entrepreneurship represents a new wave of enterprises that are established with the primary goal of environmental preservation. These enterprises are often referred to as "sustainable" and are focused on creating future goods and services with positive economic, psychological, and social impacts.
In a burgeoning market like India, entrepreneurs must not only address entrepreneurial innovations and environmental concerns but also recognize the growth opportunity for the "Bottom of the Pyramid." The rise of green entrepreneurship is capturing the attention of the younger generation, while government and public institutions are actively promoting environmental concerns in response to shifting consumer behaviour and rapid advancements in education, income, and other social indices. Over the next decade, the economy will undoubtedly undergo rapid industrialization, globalization, and technological advancement. With finite resources, it is imperative for the world to find ways to progress without harming the environment or jeopardizing human habitation on this planet. As India sets it target to become the developed economy by 2047 , the formal channel of green entrepreneurs in a collaborative efforts with organised industries will create a multiplier effect for economic growth and rise of per capita income among the masses.
The Indian government's Swachh Bharat Mission - Urban 2.0 (SBM-U2.0) is focused on achieving safe sanitation in urban areas by making all cities "Garbage Free," ensuring grey and black water management in all cities, and making all urban local bodies open defecation free. The mission will prioritize source segregation of trash, scientific processing of municipal solid waste, and the repair of former dumpsites. The estimated cost of SBM-U 2.0 is 1.41 lakh crores.
The circular economy movement is projected to generate annual revenue of US $218 billion by 2030 and US $624 billion by 2050. The recycled Polyethylene Terephthalate (PET) plastic industry in India is estimated to be worth around US$ 400-550 million. India's PET recycling rate of 90% surpasses that of Japan, Europe, and the United States.
With digital India and the circular economy movement, Green Entrepreneurs have positioned themselves at the vanguard of huge economic development, lifting millions of people out of poverty while also creating income from waste, which is no longer considered an unorganised sector of the economy.
NOTE: Gabriel PET straps limited is into manufacturing of PET straps from discarded waste bottles as well recycled used PET straps. The company ensures that more than 95% of the raw material gets recycled thus avoiding it to go to landfills.
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