There are emerging issues regarding the transition of Indian economies to circularity that we are still learning about and preparing to deal with. There is currently a slow transition of businesses in India into circularity and to achieving the UN Sustainable Development Goals (SDGs). Further, there is a lack of awareness from those in power coupled with the perpetuation of legacy systems in order to maintain power structures. Most people view businesses as a money-making venture and not as an environmental, social economy. Patient capital is also required for these systems to be implemented and there is a lack of a systems viewpoint to implement the solutions. All these problems have led to a lack of accountability for externalities such as plastic waste and greenhouse gas emissions. These issues have also led to a lack of production capacity with acceptable bounds on negative externalities. For example, there is a lack of clean energy technology for legacy systems like plastic and coalmines. This leaves us with entrenched industries who lack research and development for sustainable business models. Many of these industries are also exposed to imminent risks from climate and sustainability issues. Further there is a lack of awareness, adequate policy signalling, best-practices and tools that add additional threats to Indian business and the economy in a rapidly changing world.
To address these issues, we see the need to systematically develop sustainable business models especially applying emerging technologies in order to balance externalities within free-market democratic- systems to address sustainability, climate and circular economies.