Conceptualizing Circular Economy – An Orientation for Sustainable Development of the Indian Economy

Conceptualizing Circular Economy – An Orientation for Sustainable Development of the Indian Economy

Prof. Raksha H V – Shushruti Institute of Management Studies - Department of MBA

Email ID: rakshahv@simsblr.edu.in

ABSTRACT

The concept of a circular economy is emerging as a sustainable alternative to the traditional linear economy. This paper explores its potential for India, a rapidly developing economy facing environmental and resource challenges. Transitioning to a circular economy, focusing on reusing, recycling, remanufacturing, and refurbishing, can reduce environmental impacts, save resources, and create new economic opportunities. India's rapid industrialization and urbanization can be addressed with the help of a circular model dealing with the issues of waste management, availability of scarce resources, and hence pollution. Policy interventions, the inputs of technology advancements, and inter-sectored collaboration need the support of government incentives and investment. Thus, India can create a sustainable and resilient economy for the future.

Research Methodology: This research paper is essentially descriptive in its methodology based upon secondary information provided through relevant articles and web sources.

Keywords: Circular Economy, Sustainable Development, Reuse, Recycling, Remanufacturing, Refurbishment, Waste management, Resource Scarcity, Social Equity, Circularity.