1Former Professor of Economics, Gokhale Institute of Politics and Economics, Pune, India
2Former Faculty Member, Gokhale Institute of Politics and Economics, Pune, India
(*Corresponding author) e-mail id: sn_tripathy2004@yahoo.com
Online Published on 25 January, 2023.
Economic growth goes side by side with deteriorating conditions of work and living for a substantial segment of the poor, landless, rural migrant, urban slum dwellers, etc. This has been due to the fact the growth process itself imposes new forms of deprivations, dislocations, exclusion and alienation from the productive resource base. The resource use and management have been determined by the demand of dominant sections, urban consumers, industries and export earnings. Hence, there is a need to find out an effective elucidation to this problem of environmental sustainability and techniques for strengthening sustainable development. In this context, one needs to adopt a circular economy which is a novel economic model in which the focus is on reusing materials and value and on creating added value in products through services and smart solutions. It is a striking alternative which is restorative and regenerative by design and which aims to keep products, components and materials at their highest utility and value always, distinguishing between technical and biological cycles.
Innovation and technology, Circular economy, Natural resources management, Sustainable development, Climate change