Market participation via innovative product pricing is needed
India has seen sustained growth over the last few decades. But this growth has been characterized by increased consumerism accelerating demand for natural resources, particularly material resources. India is heavily reliant on imports for many of these material resources and the domestic extraction of the others exerts environmental pressures and creates social discord particularly in mining locations. Decoupling economic growth from resource use is possible only through a gradual transition to a resource-efficient and circular approach, and a shift from the traditional linear growth model of take, make and dispose. Such an approach promotes the use of 6 R principles (reduce, reuse, recycle, refurbish, remanufacture and redesign) at various life cycle stages of any product, process and service.