– Dr Ajeenkya D Y Patil –
Plastic has universally become the most used material in this modern economy. While plastics have their own benefits we look upon how they are 
affecting the environment and what is the economic impact of these plastic materials and their usage.
To explain this further we will try to understand the life cycle of plastic generation and the ultimate end of it which results in a global menace. Plastics production has surged to 311 million tonnes in 2014, and is expected to double in the next 20 years. The increase in the consumption of plastic is increasing all over the world but 33.5k Tonnes of plastic has been consumed in our state in 2017-18. There has been 650 per capita consumption of plastic bags which along with food containers and plastic bottles makes for almost 59% of the total plastic waste.
After a short first-use cycle, 95% of plastic packaging material value, or $80–120 billion annually, is lost to the economy. A staggering 32% of plastic packaging escapes collection systems, generating significant economic costs by reducing the productivity of vital natural systems such as the ocean and clogging urban infrastructure. The cost of such after-use externalities for plastic packaging, plus the cost associated with greenhouse gas emissions from its production, is conservatively estimated at $40 billion annually – exceeding the plastic packaging industry’s profit pool..
There are over 150 million tonnes of plastics in the ocean today which will affect almost 8000 companies. Now the question that crops up is how do we break this cycle and what can the corporate sector do to save the economy and the people from this ubiquitous threat.
As we speak about this there are some companies which have already taken up the challenge and have decided to limit their plastic usage by using different methodologies. Some examples are as follows:
o PepsiCo India, will pilot the first-ever plant-based, 100% compostable packaging for products in India
o Nestle has reduced packaging material weight by approximately 1,532 tonnes by ensuring eco-friendly design Infosys has committed to reduce the per capita generation of plastic waste by 50%
o Hilton group has vowed to eliminate plastic straws across its managed hotels in Asia Pacific by end of 2018.
Since this is beginning to look like a huge problem, ‘Corporate India will now have to put in more efforts to combat with plastic pollution by using the 3 R’s which are Reduce, Re-use and Recycle to create a more sustainable environment
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About the Author
Dr Ajeenkya D Y Patil
Author & Educationist
Author Dr Ajeenkya D Y Patil is the Chancellor of Ajeenkya DY Patil University and Chairman of D Y Patil Group
Disclaimer : The views expressed by the author in this feature are entirely his own and do not necessarily reflect the views of INVC NEWS.
