Analyzing the impact factors of remanufacturing industry on the Indian economy: a step towards circular economy
Abstract
Purpose
The purpose of this article is to investigate and analyze the interactions between economic and sustainable development elements in the context of remanufacturing in India.
Design/methodology/approach
To comprehend the hierarchical and contextual link among factors impacting remanufacturing in India, the study used interpretive structural modeling (ISM) and decision-making trial and evaluation laboratory (DEMATEL) methodologies.
Findings
The integrated ISM-DEMATEL approach identifies optimal utilization of the resources as the most crucial factor influencing remanufacturing in India, followed by reducing landfills, conserving energy and low cost. The study also reveals that optimal utilization of resources, reduction of landfills, conservation of energy and incorporated advanced technology impacts most of the factors but get affected by a few factors.
Practical implications
Industry practitioners and policymakers should consider the remanufacturing process to achieve sustainable and economic development. The government and other stakeholders can use the ISM framework and cause-and-effect diagram to classify the impact factors and their impact on the Indian economy and environment.
Social implications
This study supports the process to save the landfills and curbing pollution, conserve energy and optimize utilization of the resources, generate employment and supporting the development of the economy. Remanufacturing will undoubtedly contribute to the development of an environment and economy in India that benefits both.
Originality/value
ISM and DEMATELs strategy offers a tiered model and a cause-and-effect relationship between the variables affecting remanufacturing in India.
Keywords
Acknowledgements
The authors are very thankful to the anonymous reviewers and the editor of the journal for their constructive comments and suggestions that improved the quality of the manuscript. They also do hereby confirm that this research did not receive any grant from funding agencies in the public, commercial, or not-for-profit organizations.
Citation
Sharma, V., Katiyar, R. and Mishra, R. (2024), "Analyzing the impact factors of remanufacturing industry on the Indian economy: a step towards circular economy", Journal of Modelling in Management, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JM2-01-2024-0008
Publisher
:Emerald Publishing Limited
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