Closing the Loop: Driving Sustainable Business Evolution with Circular Practices

Meeting the needs of the ever-growing population without putting the risk on the future generation is the need of the hour. The linear business model has put a strain on scarce resources. The new way around has been proven to be the circular business model that keeps the resources in a loop and the ecological costs low. The study aims to discover the latest developments, challenges, and value creation for stakeholders due to adopting the circular model. It looks into how the circular model is adopted in a developing country like India. To achieve objectives, the entire research has relied on secondary data. The study is a general descriptive review and has relied on articles, reports, and experts’ opinions. This study looked into the most recent advancements in the circular-economy concept, like circular supply chains, resource recovery, product life extension, sharing platforms, and product-as-a-service. In developing nations such as India, implementing the circular model presents several problems, the most significant of which are a need for more awareness, inadequate rules and regulations, and improper supervision and control of the waste management practices of the informal sector. Further research can be carried out by selecting any of the circular business models and analyzing the level of success achieved by those models.