Circular Economy and Digitalisation in Mumbai, India - Assessment Answer

Introduction

Research Rationale

The COVID-19 crisis and the growing importance of the global sustainability dialogue have made businesses pay more attention to circular economy projects. Because of this, organizations are taking advantage of the possibilities digital technologies offer and focusing on transformation projects to show they are leaders in the circular economy. This paper looks at how companies can use a digital-plus-contextual-knowledge approach to make the circular economy they want to see happen (Ajwani-Ramchandani et al., 2021).

Research Questions

1) The immediate impacts of demonetization on the circular economy in:

• Mumbai and its Effects on small businesses and Individuals
• What are the Impacts of digitalization on circular economy practices in Mumbai before and after demonetization?
• Emerging trends and technologies in digitalization and circular economy that are likely to shape the future of Mumbai, India
• Lessons learnt from the experiences of Mumbai's circular economy during demonetization and how can that be applied to build a more resilient and sustainable circular chain economy in future?

Literature Review

Mumbai and Small Business

India's commercial and financial hub is located in Mumbai. It has aided the expansion and adaptation of large corporations and the development and success of numerous smaller enterprises in a dynamic and competitive marketplace. India's economy has emerged as one of the world's most dynamic and diversified. The service industry is the backbone of its economy, which is on the rise and poised to make it a global powerhouse. Massive urbanization is an inevitable effect of population increase and space allocation to economic hubs in metropolitan areas, and this has repercussions for India's business climate on a regional scale.. There is a diverse range of companies in Mumbai, and the city is expanding into a megalopolis.

Impact of Digitalisation on Circular Economy Practices

Kudtarkar & Srivalli (2023) argue that it is anticipated that the value of the cycle economy will reach $4.5 trillion by the year 2030. Building a solution canvas for digital change, which assists businesses in accelerating their projects, is required for a circular economy to function properly. It is expected that as the technologies that comprise these building blocks continue their rapid development, an increasing number of complicated and widespread solutions will become available to assist businesses in making the most of the circular economy. Organizations can employ design thinking throughout all stages of product development and implementation. This includes defining the problem, coming up with ideas, proposing a solution, implementing it through a pilot program, and implementing it across the business value chain and ecosystem. This can potentially have the greatest impact and transform solutions for local or departmental issues into those that apply across a whole organization or industry. The ways in which people, firms and governments engage with one another and collaborate are evolving due to digital transformation initiatives and other technological developments. It is possible to construct a digital store of solutions that assists organizations in moving quicker toward fulfilling their purpose-driven objectives when combined with the appropriate combination of contextual, industry-relevant knowledge and creative, inclusive design principles. This can be accomplished.

Past Research Analysis

In recent years, it has become common practice for businesses to transfer the packaging of their products from metal and glass, which are better for the environment, to plastic, which is simple to produce, inexpensive, and simple for the end user to work with (Nayal et al., 2022)

Organic waste that can be composted is shipped to India for disposal in composting facilities. After it has finished decomposing, the compost is used as fertilizer on farms across India. Our recyclers focus on sifting and processing any extra food to create pellets that may be fed to animals before they begin the process of generating compost. The majority of the raw ingredients utilized in the production of feed are derived from stale bread

Main Issues

The issue of electronic waste and its disposal presents significant environmental challenges that have global implications. However, materials' origin and production process should be noticed during consumer purchases. The assertion above holds valid regarding the destination of our outdated electronic devices, which have either lost their utility or have been substituted by superior alternatives. As awareness of climate change increases, there has been a global transition from a linear production model to a circular one. The significance of this matter is particularly pronounced in the context of technology recycling, given the protracted establishment of the circular economy for electronic waste.

Ever since the digital era started, technology has significantly transformed lifestyles and professional work. Globally, it serves the purpose of enhancing the quality of life and facilitating convenience. The advancement of technology has increased the issue of electronic waste in this instance. Electronic waste, commonly referred to as e-waste, encompasses any discarded electrical and electronic equipment materials. The assemblage comprises functional and non-functional items that are discarded (Ajwani-Ramchandani et al., 2021).

The Rationale of the Research

The given research will highlight the problem of trash from plastic products which is worsening worldwide, and this trend has been ongoing since plastic was first developed with focus on Mumbai. People are purchasing more plastic and finding new uses for it, which has led to an increase in the amount of waste produced in large cities such as Mumbai. Both primary and secondary data methods will be used.

Research Methodology

In case of any research, there are two main ways to think: inductively and deductively. People think the logical research method is one of the best ways to do a quantitative research study. It involves coming up with the hypothesis statements based on the current theory about the research problem's goals, and then coming up with a way to test the hypothesis set up at the beginning of the research (Kamble et al., 2021).

The deductive research method will be used to do this work. By using the method, the study has gotten several benefits. Any research study is based on a plan called the research strategy. The tools and methods used to conduct a research study are part of the research plan. It helps the researcher find and deal with problems that might arise during the research process and study.This research study will be based on a descriptive research design, in which the research's results were talked about in the form of themes and understood well. Descriptive research design is a type of organized research method. The research is done by asking research questions, and it is done at the end of the research process, when decisions are being made.

This research study used both personal and quantitative data. This is called a "mixed methods" study. The researcher used the statistical method to look at the original data that was gathered through the survey. Apart from this, secondary data in the form of literature sources will be used in the study. By choosing this method, the researcher learned more about the different ways to collect data, such as polls, experiments, and observations.

References

Nayal, K., Kumar, S., Raut, R. D., Queiroz, M. M., Priyadarshinee, P., & Narkhede, B. E. (2022). Supply chain firm performance in circular economy and digital era to achieve sustainable development goals. Business Strategy and the Environment, 31(3), 1058-1073.

Kamble, S. S., Belhadi, A., Gunasekaran, A., Ganapathy, L., & Verma, S. (2021). A large multi-group decision-making technique for prioritizing the big data-driven circular economy practices in the automobile component manufacturing industry. Technological Forecasting and Social Change, 165, 120567.

Ajwani-Ramchandani, R., Figueira, S., de Oliveira, R. T., Jha, S., Ramchandani, A., & Schuricht, L. (2021). Towards a circular economy for packaging waste by using new technologies: The case of large multinationals in emerging economies. Journal of Cleaner Production, 281, 125139.

Kudtarkar, S. G., & Srivalli, B. (2023). A Circular Supply Chain in E-Commerce Businesses in India. In Handbook of Research on Designing Sustainable Supply Chains to Achieve a Circular Economy (pp. 82-96). IGI Global.

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