Visualising the Prospective Circular Economy: Closing the Economic Loop – The Case of India

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Author(s): Varun Chotia (Jaipuria Institute of Management, Jaipur, India)and Vranda Jain (Jaipuria Institute of Management, Noida, India)
Copyright: 2021
Pages: 12
Source title: Examining the Intersection of Circular Economy, Forestry, and International Trade
Source Author(s)/Editor(s): Badri Narayanan Gopalakrishnan (University of Washington, USA), Taranjeet Duggal (Amity University, India)and Tavishi Tewary (Jaipuria Institute of Management Noida, India)
DOI: 10.4018/978-1-7998-4990-2.ch007

Keywords: Business Science Reference / Economics and Economic Theory / Environment & Agriculture / Sustainable Development

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Abstract

In contrast to the traditional linear economic model, which is primarily based on the 'take-make-consume-throw away' pattern, the concept of circular economy is based on the principles of sharing, leasing, reuse, repair, refurbishment, and recycling, revolving in a closed-loop, where the value focus is on products and the materials which these products contain. In simple words, it focuses on waste reduction to a minimum level. From an Indian perspective, the idea has immense potential as it could deliver numerous opportunities like less pressure on the environment, a higher level of competitiveness, better security in terms of supply of raw materials, more innovation, higher growth, and more jobs. At the same time, this shift also brings along certain challenges like financing issues, the need for key economic enablers, skill requirements, consumer behaviour and business models, and the need for multi-level governance.

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Visualising the Prospective Circular Economy: Closing the Economic Loop – The Case of India

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