Page 47 - IMDR JOURNAL- 2022

ESSENTIAL SECTORS FOR INDIA'S EFFORTS TO BUILD A ROBUST
CIRCULAR ECONOMY

Dr.Abhijeet Shivane 1
Associate Professor,
DES’S Institute of Management Development and Research (IMDR®), Pune

Dr. Sagar O. Manjare 2
Associate Professor,
Siddhant College of Management Studies, Pune

Abstract:

The world's population and economic growth have exploded in the last 50 years, indicating a constant need
for natural resources to raise millions of people's living standards due to the current linear economic model's
demand and supply curves for natural resources and waste absorption. The present circumstance
necessitates a closed economy, a restorative, zero- waste economic model that maximizes resource
utilization. The necessity, origin, idea, and business models of circular economy. The paper examines the
role of circular economy efforts in achieving UN Sustainable Development Goals (SDGs). Finally, it
discusses several countries' circularity programs, with a focus on India, to improve resource efficiency and
reduce waste. Policy and corporate advocacy groups are presently promoting the Circular Economy. Despite
its ambitious and controversial message, Circular Economy research is emerging. The paper's two main
goals are to identify, discuss, and develop the growing literature's definitions, and to recommend a beginning
research method for the Circular Economy. Our research demonstrates that the current Circular Economy
effort focuses on the fundamental physical flows of materials and energy in production and consumption
systems.
The existing literature focuses on metrics, techniques, instruments, and computations. The circular
economy's paradigmatic potential remains undiscovered due to unknown assumptions about values,
societal structures, cultures, and underlying worldviews. To categorize and organize studies on Circular
Economy, the study proposes a model. The model can assist reduce the observed imbalance and improve the
Circular Economy's contribution to a more sustainable global society.

Keywords: Circular Economy, Sustainable development, waste, resources, recycling, products.
INTRODUCTION

"A model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing
and recycling existing materials and products as long as possible" is what the term "circular economy" (or
"CE") means.
Circular economy is forming and is evolving swiftly, especially today when mankind is confronting
multiple issues, including climate change, pandemics and environmental damage, and expanding
socioeconomic inequality. Policymakers, manufacturers and service providers, and consumers are adopting
Earth-friendly policies, innovating corporate practises, and altering purchasing behaviour toward
sustainability, respectively. Developing technology and creative business models are enabling the transition
of a circular and more sustainable Economy. A circular and sustainable economy is driven by sustainable
consumption and production. Sustainability mentality, action, and behaviour of players in the ecosystem of
production and consumption leads to sustainable practises. All stakeholders, from politicians to investors to
academics to teachers to consumers and the media, must be educated for economic revolution to occur.

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