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The circular economy model, the most recent solution in the drive to achieving sustainable development goals. The concept goes beyond the purview of pure economics and finds itself within the threads of state policy as well. The circular economy model refers to a system where goods live beyond their primary use to be recycled, reduced and prevented from becoming a pollutant. The model works on the principle of minimal yet efficient use of resources. Circular economy models have applications in a variety of fields: from water conservation and energy resources to waste management. This model however has inherent problems which are being observed and worked upon over time. Some of these problems are the systematic application of policy to the deficit in technological information. This paper focuses on various policies based on this model applied in India, their impact and challenges. India is committed to fulfilling Sustainable Development Goals in every aspect, therefore it is imperative to study the effect of the initiatives proposed and executed by the state. This paper touches upon policies such as Swachh Bharat Abhiyan, National Resource Efficiency Policy, Atal Innovation Mission, Financial Incentives, Resource Efficiency and Circular Economy Industry Coalition (G20 Initiative). This paper also tries to understand the challenges that are faced by the model, some of them include a lack of finance to develop infrastructure and develop production units, research to study more energy and cost-efficient systems and awareness that impacts consumer patterns that encourage sustainability-based commercial activities; and presents recommendations to resolve these challenges, awareness and global platforms are examples of the same. as well as conducts an introspection of policies implemented by other nations.
Jesal Sheth (Fri,) studied this question.