Analysis of Circular Economy Enablers in Manufacturing Context for Indian Industries: A ELECTRE method Ranking Process

Abstract

: In the era circular economy, a nation's ability to sustainably grow its manufacturing sector is crucial for overall economic development. Therefore, in order to make the industrial sector sustainable and competitive, technologies must be developed with the circular economy in mind. The bulk of manufacturing companies in India fall under the category of small and medium-sized enterprises, which are acknowledged as the foundation of the economy since they generate a sizable portion of the country's GDP. The foundation of modern civilization's economy is the manufacturing sector. This paper attempts to re-examine the idea of a manufacturing-based circular economy system through a review of the scientific literature. In the context of Indian industries, the study pinpointed enablers that support the implementation of the circular economy. These enablers were categorized into six clusters. A survey questionnaire was formulated and the collected data was scrutinized to confirm the validity of these supporting factors. The majority of the manufacturing industries in India fall under the category of small and medium enterprises. A survey questionnaire was sent to the respondents through email, and personal visits were made to nearby industries. Cronbach's alpha count is used to evaluate the validity of important enablers. An expert panel of manufacturing industry managers and technical personnel validates these enablers as affecting how developing countries adopt CE, assigns weights to the enablers, and uses the ELECTRE Method to determine the final ranking of the enablers. The findings imply that technical (ETE) and financial (EFI) enablers are the main enablers for adopting the circular economy within India's industrial sectors. Through this study, the industries are better equipped to comprehend the enablers to the circular economy and develop practical implementation plans.