somaiya.edu.in
MSMEs in India play a pivotal role in driving economic growth.
- 45% of total industrial production,
- 7.09% of the pie chart of GDP,
- 40% of total exports.
- 633.78 Lakhs of MSMEs and 47.38 Lakhs in Maharashtra (AR-22-23, SME Chambers, 2024)
The transition to a circular economy poses significant challenges for MSMEs, such as limited access to technology and financial resources. Additionally, many small enterprises may lack the expertise or knowledge necessary to implement these practices effectively. Overcoming these obstacles requires targeted support from policymakers, including incentives, training programs, and access to funding to facilitate the adoption of sustainable practices.
The importance of this study lies in its potential to inform policy decisions, drive sustainability initiatives, and empower SMEs in Mumbai to align with international environmental standards. By comprehensively examining emissions scopes, we aim to foster a nuanced understanding of the environmental impact of SMEs, laying the groundwork for a greener and more sustainable future for Mumbai's business landscape. Overall, the outcome of the research would be the development of a research framework which can be implemented with a larger number of MSMEs and gather empirical data for better generalized results.
Prof Vandana and her team focus on twin objectives
To ascertain the level of understanding of the concept of circular economy of MSME Founders
- To what extent are the founders familiar with the circular economy practices and their applicability to their enterprise (MSME)
- Enablers and barriers to the adoption of circular economy practices
To assess the status of circular economy practices of MSMEs in Mumbai (India)
- What specific circular economy practices, if any, have been already implemented within the enterprise (MSME)?
Pilot study was conducted. The derived results from 22 observations (pilot study) was that the validity and the reliability was within the prescribed limits. Discriminant validity was acceptable and satisfactory. Data collection tools have been finalized, and data collection is going on.
