The Circular Economy development in Latvian society

The Circular Economy development in Latvian society

Kuldeep

Riga Technical University, 1Kalku street, Riga, Lv-1658, Latvia

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Abstract - To achieve a good solution for a circular economy in the Latvian market and develop a great management system to define the process for reuse, redevelopment, and energy-efficient ways to enhance the circular innovation as per market demand and supply in Latvia. Also, take a potential example of Nordic countries where they use the same method for the current economy. So, they use the same implantation for the upcoming solution for the Latvian circular economy. Also, I cover the Indian circular economy as well. About outcomes and give some brief idea about the Indian circular economy and explain the core value of Indian society where they define the point to cover all the major requirements and processes of development in the Indian market. Also, I relate the Indian and Latvian circular economies and define some similarly according to users of the same product or similar business activities. Also, the advantage of the Indian market and the Latvian market and define the process where they get all the details and take inspiration to develop new ideas and new changes in the policies and what the new change required in the Latvian circular economy. Also, define the benefit of change in policies to execute the country's policies on write way and discuss the upcoming change in the current process and what is the advantage for the Latvian market and how to create a big impact on the Eastern European market.

Key Words: Analytical assessment, Innovation development, developing business idea function, Energy efficient development economy and Executing market policies in the Latvian market.

1. INTRODUCTION

The circular economy in Latvia is defined as the global step for the economic growth of Baltic states and more focus on global business opportunities to circulate the nature of business in terms of support of government authorities and infrastructure for the business hub. Also, the Latvian government business model supports the new business, Value of developmentandnatureofthebusinesstocreatethebestcircularsystemforthebusinesscycleandwiththehelpofthe state budget to minimize the risk of the businesses. Also are major benefits provided for that business that work for environment-friendlyproducts.BecauseLatviansocietyalwaysprotectsandpromotesenvironmentallyfriendlyproducts. So,companiesaremorefocusedtodothiskindofbusinessintheLatvianmarketandhelpingthecirculationofeconomic growthaspermarketdemandandsupplies.Also,thesmartbusinessmodelinLatviausesaninnovativebusinessmodelto create good business efficacy and protect natural resources from major business activities and always focus on reusable productsandrecyclemanagementsystemsineverybusinessprofilethatworksintheLatvianmarket.

Fig-1:-Explaintheeconomicboundaryforsmall,Mid,andlarge-scalecirculareconomy.

ThemajorpositiveoutcomesfortheLatviancirculareconomy. TheLatviandevelopedeconomyhasa positivesourcefor formingagoodbusinessprofileintheEuropeanUnionandaswellBalticstatestodoingbusinessforthecirculareconomy ofcompanygrowthandhavea wildscopeforthebusinessintheEuropeanmarket. Thecirculareconomyindustriesuse the productive way to finance business activities as per market demands and developed economics create a job for the local market and create a social bubble for business integrity. Also, positive outcomes with the help of a good circular economyintheLatvianmarkettodevelopstrongcontrolonclimatechangeandbiodiversityforthenatureofbusiness.

2. Circular Economy in the European Union and The Republic of Latvia

A circular economy in the European Union is more focused on sustainable products, resource-efficient development and low-carbon productusein thedailylifecycleof the European people.Because they understand thisrequirementtosave theirnaturalresourcesforfuturegenerations.AlsoaspertheEUdata,acirculareconomyisdividedintotwogrouplevels of the circular economy. The first group is highly advanced to focus on an environmentally friendly circular economy to solvetheenvironmentalissuewiththehelpofcirculareconomyprinciplesincludingGermany,Belgium,theNetherlands, Spain, Italy and the United Kingdom. These countries have a set of standards for the business organisation to follow circulareconomyrulestosavenaturalresourcesandtocreateagoodimpactonclimateissues.

Also,thesecondgroupofcountriesarenotsoadvancedintermsofBudget,resourcesandconnectiontothebestindustry experts.ThesecountriesarelocatedinEasternEurope,thecentralpartofEuropeandthesouthofEurope.Also,themajor factoristheweatherconditioninEasternEurope.

Fig-2:-ExplaintheTurnoverinthecirculareconomybusinessmodelintheEuropeanmarket

The Republic of Latvia is located in Eastern Europe. It is a part European Union and follows and is under the circular economy development plan of the European Union to enhance its industry market toward natural resources and protect environmental issues for society. But lack of manpower and industry structure stabilization and weather condition in winterisacoreissuesfortheLatviancircularmarket.

Alsoaccordingtogeographicallocationandmasterplanning,Latviaisahighlypotentialmarketinfuturetheyhaveagood amount of natural resources in terms of wood supply and also a good road transportation network related to a circular economytosupporttheEuropeanUnion'scirculareconomyplanandalsoprovidebestcoreplanningforLatvianmarket todevelopaccordingtoEuropeanstanderplantofulfilalltherequirementandLatviangovernmentalsoissueaguideline forthemarkettofollowsomesetofstandardsandyearlytoyearlybasistheyconductamonitoringprocesstocheckand issue a report in the public domain about circular economy data and to show that where is Latvia stands in European union.

After the covid-19 Latvian government are more focused on the circular economy to develop a good set of standards accordingtotheEuropeanUnionandclearitsstepforthecoreareaoftheeconomy.Theyunderstandtherequirementof the economy for a good investment and invite international organisations to create good opportunities in Latvian job markets and also help to create a good source of revenue. So they are more focused on more advancement of Latvian circulareconomysectors(Mazur-Wierzbicka,2021).

3. GOOD PRACTICE OF FOREIGN REGIONS FOR PROMOTING THE IMPLEMENTATION OF THE CIRCULAR ECONOMY IN LATVIA.

ThepracticeofforeignregionsishighlyvaluablefortheLatvianeconomytodevelopagoodsourceforabusinessideaand aspermyresearchNordiccountriesarethebestexampleofLatvia.BecauseNordiccountriesaresimilartoLatviainterms ofweather,soilconditionsofthelandandrichsourcesofnaturalresources.SoIgosustainablebusinesstransformationin

thecirculareconomyoftheNordicandIfounda richsourceofpoliciesandimplicationsintheLatviancirculareconomy anddevelopastrongeconomyinEasternEurope.

So,IdiscussNordicpoliciesthattheyusefortheircirculareconomyinanefficientwaytheNordicregionalwaysmakesa longvisionplanandexecutionpoliciesasperpoliciesandthecommonperiodoftheplanis10years(Benediktsson,2019)

Fig-3:-ExplaintheNordiccountry'smajoractivitiestoshowtheirgreenactivitiesfornature(Engheim,2022)

ThiscommonfunctionisfollowedbyNordiccountriestocreategoodpracticestowardthecirculareconomyinNordic.The Republic of Latvia to develop the same or take inspiration from Nordic countries to develop sustainable policies for the circular economy in Latvia and create a good impact in eastern Europe and highlight major benefits for the Latvian ecosystem.

Theyfocusoncommonmethodstofulfilhissustainableandintegratedgoal.

1. They try to make competitive policies for Latvia according to their requirement and develop a good strategy for longtimevisions.

2. A socially strong vision in Latvia promotes an interconnection of the policies in the region and exchange the of valuable ideas between Baltic countries. So they can make policies according to suggestions to help in a circular economyandpromotetheirbusinessworldwide.

3. A green development project will highlight the idea of paperless transactions and go with paperless activities in thedailyworkinglifestyleandhelptoincreaseasustainablecirculareconomy.

4. The ministry of environmental protection Authority monitors environmental protection related to making a feasible plan for companies to design their activities accordingly and highlight the issue regarding circular economyandproductivitytowardconsumerandinternationalmarketsaswell.

ThesefourcommonpracticecomplieswiththeLatviancirculareconomytodevelopgoodpracticeintheEasternEuropean market and to boost their yearly revenue in Latvia. Also, government issues special tax relaxation for new businesses in LatviatopromoteabusinesshubinthecirculareconomyofLatvia.

4. INNOVATION IN CIRCULAR ECONOMY AND THEIR IMPLEMENTATION IN THE REPUBLIC OF LATVIA.

Innovation is an essential part of the circular economy and defines the value of creativities in the national economy to establishastrongprocesstowardinnovationasperindustrydemand.Duringmycoursework,Igothroughlotsofcircular economyprocessesandIfoundthattheselectiveinnovationprocessfortheLatviancirculareconomydefinesthebestof theproduct.SohereIdiscusstheinnovationprocessanditsimplementationinLatvia.

The industry is using this common method to save extra costs for treatment and directly throw away and not focus on environmentalissues.Itisimpactingfutureresourcesandthisisthebedpracticeintheindustrysectortosavesomecosts forthetreatmentbaseplant.

4.1. Circular Packaging system in circular economy in Latvia.

ThecircularPackagingsystemisusingbestpackaging systemin termof material andhelpsto reusethesame packaging model for other products and help to save our natural resource in the nature. If some waste is useless in the economy.

They can treat with proper chemical treatment and go through with biological treatment plant and dissolve the extra waste.

4.2.Innovation and new business models for circular economy in Latvia.

The new business opportunities for the circular economy to focus on reusable products and lease out the product and redeveloptheproductinthesystem.Becausethesearethemostefficientwaytodescribethebusinessmodelforsociety. So there I explain the process of the whole method design accordingly and smartly save their circular. the best cycle to design their policies and develop an idea in a circular economy based on repaired, refurbished and product upgrade processes. Also, following these practices, we find the valuable benefit in terms of sustainable development. Because circularityisallabouttheservicesectoroftheproductsafelyrecyclingfortheenduseroftheproductdirectlybenefits the circulareconomyinLatvia(Carlberg,2022).

5. COMPANIES AND CIRCULAR ECONOMY IN INDIA.

ThecirculareconomyinIndiaisaverylargeconceptofdevelopmentandnatureofthebusinessandIndiaisaverypricesensitive market for companies. Also, different companies follow different ideas to create good business value in the marketandgrowtheirbalancesheetaswell.AlsoinIndia,thereisonemoreissueforthecompaniesintermsofcultural valueforthepeople.SoIndianmarketisa complexandinnovativemarketforaninternational player.Butaspermarket research,IfoundthattwomultinationalorganizationsworkasperIndianmarketstandardsandfulfilalltherequirements accordingtodemandandsupply.

5.1. Reliance Industries Limited.

RelianceindustrieslimitedisworkinallsectorofIndiaandcovergroceryrequirementsforgasandpetroleumaswell.Itis alarge-scalecompanyintheIndianmarketanditsmainheadquarterisinMumbaithebusinessmodelofthecompanyis to fulfil all the requirements for the Indian market and create good employment opportunity for the national circular economy.Also,thecompanyhelptobuildbasicfractureintherulerareaofIndialikehealthfacility,Educationfacilityand roadnetworkforsocietyetc.andafterthecovid-19companyhaveagoodresourceplantosavetheIndianeconomywith theprogramofMakeinIndiaproductandlessdependenceontheinternationalmarket.

5 2 Paytm digital payment company.

PaytmcompanyisahighlyadvancedcompanyinIndiaintermsofdigitalpaymentandonlinebusinessfornewbusinesses. Also,itishelpfultopaperlesspaymentinthewholecountryaccordingtomarketdemandandthemajorbusinessmodelis connected to everyone in the whole country. Because India is a developing country in the Asian region. Also 5th largest economy in the world. So India needs this kind of payment system in its circular economy and uses this idea as a sustainablewaytoprotectournaturalresources.

AlsoPaytmdigitalpaymentcompanyprovidebasiceducationinpaymenttransaction.Sotheystarttheirbasicbankingin ruralareasandconnectwiththewholeofIndia.IthelpstogrowIndia'seconomyasmuchaspossible.

InAsia,India isthe largest businessmarketforinternational companies toprovide theseservices.But themajorissue is that the largest population are focused on a price-sensitive market. Because per capita income in India is very standard. Also,Indiacurrentlyfollowsthemaximumretailpricesystem.Soeverythingiscontrolledbygovernmentpolicies.

So,Indianeedsgoodpracticesfollowedbytheinternationalmarketandtheydemandthesimplestwaytousetheproduct atacheapprice.SothisistherulefortheIndianmarketwherecompaniesdotheirbusinessaccordingtomarketreportsin India.

6. POTENTIAL EXAMPLE OF INDUSTRIAL SYMBIOSIS IN INDIA.

The Republic of India has a huge industrial symbiosis toward the national economy to protect the environmental issues faced by society. The most prominent example in India Bhopal gas incident this time industry worked at full capacity without any government guidelines. Because of the lots of employment opportunities for the national market. Also, the governmentreceivedagoodamountoftaxesfromthecompany'sside.ButafterthisBhopalgasincident,governmentsee thattherelackofguidelinesforindustriesforsafetyandenvironmentalprotectionguidelinesaswell.Sotheyanalysedthe current guideline and after reviewing the policies and implement some changes in industry guidelines and some set of standardsfor environmental protection.after thischangein policies,someindustryexpertssaythat thisisa strongstep takenbythegovernmenttosavetheenvironmentalissueforIndia.

Also, the main target for this industrial symbiosis is the automobile sector and the petroleum sector and gas treatment plantaswellwheretheyfindsomemajorchangesbygovernmentauthoritiesforthebettermentofsocietyandthisstepis very appreciated by the all political parties in the parliament of India. Because they understand the requirement of the reformforindustrialsymbiosis(SrijanaMitraDas,2021).

7. CIRCULAR ECONOMY, SOCIETY, AND ME.

Acirculareconomyisworkingforsocietyissueslikeprotectingfrompollutionissuesfacedbysocietyanddevelopingtheir policies according to their need with better changes for society. Also, society is adopting new principles in the circular economy. Because they are more aware of the situation of the value with the correspondent of economic impact. Also, society helps in the transition phase of development for their betterment. Because without society's help, the circular economy does not capture the right value of the targets. Also, they promote reusable and recycled products to save and guardtheirnaturalresourcesforfuturegenerations.

AsIIndiaIobservethatinmysocietythatIfoundthatpeoplebuyeco-friendlyproductsfortheirdailyusesandpromote theseactivities for newgenerations.Also,peoplearemore educatedabouttheseissueswith thehelpofprint anddigital media.Also,IhavegonethroughgovernmentpoliciesforthecompaniesinthecirculareconomyandIfoundthatthereare sometaxrelaxationsfornewchangesinthequalityoftheproduct.

Iamanewyoungprofessionalwhoisdoingmybestwaytopromoteabetterwayforsocietytochangeasperthedemand andIalwaysbuyallreusableproductsfordailyuse.Becauseavoidbuyinganewproduct.Alwayssupportnewbusinessin termsofdevotingmydailyneedtoproductsfromthenewbusinessshow.Wheretheyusetheenvironmentalproductfor himintheshop.Also,Irecommendallofmyfriendstobuythisproductfromthisshopandeducatesocietyinmyfreetime about the importance of circular economy development in India and how to protect our natural resources from the industrylikebestexamplebuyingfewerunnecessaryproductsfromthemarket.Thisisdonefrommysidetopromotethe transitionfaceofthecirculareconomy.

8. THE BIGGEST OBSTACLES AND DRIVING FORCES FOR THE IMPLEMENTATION OF THE CIRCULAR ECONOMY IN INDIA.

ThemajorissuewiththeimplementationofthecirculareconomyinIndiaistocoverthewholeofIndiainashortperiod. Because due to the land area of India. Also, most of the areas in India belong to rural areas. So there is much more time takingprocesstoeducateinaruralareaaboutthecirculareconomyprocessandexplainthebenefitoftheiruses.Also,the manufacturinghubinIndiaisamorecomplexprocessbecauseofduelackofapropertrainingsystemineverydistrictin Indiaandlogisticsuppliesissuesforfulfillingalltherequirementsaccordingtothemarketdemandandsupply.

TherearefourmajorchallengesinIndiaforcirculareconomydevelopment.

1. Underdevelopmentsocietychanges

2. Majorpollutionimpactonsociety

3. OverpopulationgrowthinIndia

4. GlobalwarmingforIndia’sclimate

Theseare four majorissues forthecirculareconomy.Sofirst wecover theirissues andcreatethebest economicplanto developgoodmanagementcirculareconomyplaninIndiatotacklethemajorissueforthecirculareconomyissueinIndia. Also, We increase the development productivity in the value of natural resources available in Indian soil (CIVILSDAILY, 2021).

9. CONCLUSIONS

In conclusion that all collective processes for the circular economy are defining the best way to enhance to practicalities and development of the Latvian industries. Also, I add some major ideas for the Latvian market with the help of market reportsandobservedthebusinessculturefornewindustriesintheBalticstatesanddefinedsomebasicprocessideasto show the Indian market system for their circular economy. Because as compared to Latvian economy India is 1000 time bigindustry.Becausedueofthepopulationanddifferentrequirementsfromeverycommunityandlanguagefactoraswell. So briefly explain two business model that successfully works in the Indian business model. So I take positive outcomes fromthesemodelstouseintheLatviancirculareconomy.

To enhance their work capacity follow productive ways like technical transformation development and social awareness insociety.Becausetherearetwobasicpointsforeverycirculareconomyrequiredtocoverthewholemarketaccordingto marketdemandandsupply.Also,anotherfactoristoworktoprotectnaturalresourcesfromthemainindustrieswiththe helpofgovernmentguidelinesandsocialgroupactivitiesandcustomeractivitiesaswell.

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