Evolutionary Manufacturing, Design and Operational Practices for Resource and Environmental Sustainability (eBook)

Sardar M. N. Islam, Aezeden Mohamed, Kamalakanta Muduli, Sachindra Kumar Rout, Sunil Sarangi (Herausgeber)

eBook Download: EPUB

2024
943 Seiten
Wiley (Verlag)
978-1-394-19820-7 (ISBN)

Infos

This book highlights the important use of digital technologies and the latest developments in mechanical and industrial engineering to enhance environmental and resource sustainability.

Sustainable Development Goals (SDGs) have as their overarching objective the reduction or eradication of a wide range of global problems, including, but not limited to poverty, climate change, environmental degradation, and inequality. Digital technologies (DTs) have the potential to be exploited to meet the goals associated with the circular economy (CE) and sustainable development. Additive manufacturing (AM), cyber-physical systems (CPS), and blockchain technology are examples of DT-enabled technologies that are helpful for businesses that seek to shift to a circular economic model.

With the remanufacturing of products, applications that make use of virtual reality and augmented reality, in addition to the Internet of Things, simplify the construction of strategic decision models that reduce time and expense while simultaneously increasing productivity. In addition, the utilization of big data analytics helps businesses discover previously undisclosed trends and unlock numerous opportunities for environmental and resource sustainability. Employing analytics makes it feasible to collect helpful information regarding the socio-environmental impact of a product, as well as consumption factors over the entirety of a product's life cycle.

This book contains 44 comprehensive chapters and is divided into five parts. Part 1 delves deeply into sustainable operational practices and supply chain management. The impact that digital technology-enabled operational techniques have on product life cycles is investigated, as well as the design of efficient remanufacturing processes, environmentally friendly logistics and warehousing practices, sustainable designs for distributed energy supply systems, and efficient recycling procedures.

Part 2 provides a perspective on advanced materials and developments for sustainable manufacturing. The chapters in this section address sustainable material development and its application in the circular economy concept. Included here is an in-depth exploration of cutting-edge technology for synthesis, processing, fabrication, process optimization, testing, and performance evaluation of advanced materials. Part 3 covers sustainable manufacturing practices and looks at the problems faced by the industry when using digital technologies in their operations, as well as the possible benefits.

Part 4 examines sustainable innovation in mechanical design. It addresses all aspects of mechanical design that contribute to sustainable innovation for nation-building. Part 5 delves into heat transfer and fluid flow concepts for sustainable product development and applications. The chapters explain how to construct sustainable energy systems by reducing the total amount of energy that is utilized, enhancing the efficiency of the process of energy conversion, and making use of sources of energy that are renewable.

Audience

This book has a wide audience in academic institutions and engineers in a variety of manufacturing industries. It will also appeal to economists and policymakers working on the circular economy, clean tech investors, industrial decision-makers, and environmental professionals.

Kamalakanta Muduli, Ph.D, is an associate professor in the Department of Mechanical Engineering, Papua New Guinea University of Technology, Papua New Guinea. His research interests focus on materials science, manufacturing, sustainable supply chain management, and industry 4.0 applications in operations and supply chains. He is the recipient of the ERASMUS award by the European Union and published more than 80 papers in peer-reviewed international journals.

Sachindra Kumar Rout, PhD, is an assistant professor at CV Raman Global University in Bhubaneswar, India. He obtained a PhD from the National Institute of Technology in Rourkela, India. His research is based on refrigeration & air conditioning along with the development of laboratory equipment. Rout has published 20+ papers in international journals.

Sunil Sarangi, PhD, is a professorial fellow at the Indian Institute of Technology in Bhubaneswar, India. He obtained his doctorate from the State University of New York. His research fields of interest include cryogenic refrigeration and liquefaction systems. He has published more than 100 papers in international journals and has been awarded the Lifetime Achievement Award of INAE in 2016.

Sardar M.N. Islam, PhD, is a professor at the Institute for Sustainable Industries and Liveable Cities, Victoria University in Australia. He was a professor of business, economics, and finance from 2007 to 2017, and has had many years of academic work experience in teaching, supervision, and multi-disciplinary research. He has published extensively across a broad range of disciplines and his research has attracted international acclaim, leading to several appointments as a distinguished visiting professor. His research ranges in fields of artificial intelligence, accounting, industrial engineering, and finance.

Aezeden Mohamed, PhD, is a senior lecturer in the Department of Mechanical Engineering, Papua New Guinea University of Technology in Lae, Papua New Guinea. He obtained his doctorate in mechanical engineering from the University of Manitoba, Winnipeg, Canada. His main research focuses on corrosion prevention, non-destructive technologies, and biomedical engineering. He has co-authored a book titled Theory of Metal Cutting, published more than 70 articles in journals and conference proceedings, and has 3 patents in material and manufacturing technology.

Textauszug

1
Financial Impacts of COVID-19: A Special Emphasis on the Sustainability of Indian Banking Sectors and Stock Markets

Pradeep Reddy K.1, Venkateswarlu Chandu2, Ch. Sahyaja3, Shifaly4, Elia Thagaram5, Amala Gangula6 and Debesh Mishra7*

1School of Management, Sanjeev Agrawal Global Educational University, Bhopal, India

2K. L. Business School, KLE Foundation, Vaddeswaram, AP, India

3GITAM School of Business, GITAM University, Hyderabad, India

4The Hindu College MBA, Machilipatnam, AP, India

5PACE Institute of Technology and Sciences, Ongole, AP, India

6Institute of Banking Personnel Selection, Mumbai, India

7Mechanical Engineering, IES University, Bhopal, India

Abstract

Pandemic COVID-19 depresses the entire global economic situation. Perhaps the most horrendous period of history that has ever been faced by humanity. No country, whether underdeveloped or developing, was spared its wrath. The COVID-19 pandemic had a particularly negative impact on the sustainability of the Indian economy. The Indian banking system encountered and is still facing several issues. With the support of reforms, the government and the Reserve Bank of India (RBI) implemented the required policy modifications to combat the COVID-19 epidemic. The goal of this research is to investigate the state of the Indian banking industry during COVID-19, the changes implemented by RBI as a result of COVID-19, and its effects on the sustainability of Indian banking sectors in addition to the stock markets in general. The banks in India were founded primarily with the intention of making money by providing clients with the services they anticipated. However, the COVID-19 pandemic distorted the Indian clients’ situation. People’s sources of income were threatened by the lockdowns and closures of enterprises. In the present pandemic condition, Indian banks face these issues with a deprived stock market as well.

Keywords: COVID-19, banking sectors, stock markets, pandemic, economic, India, sustainability, businesses

Abbreviations

RBI	Reserve Bank of India

WHO	World Health Organization

KYC	Know Your Customer

IRAC	Income Recognition and Asset Classification

EMI	Equated Monthly Installments

NSE	National Stock Exchange

1.1 Introduction

With thousands of deaths worldwide, the corona virus outbreak has affected millions of people. The threat of corona virus is growing as new cases emerge on a daily basis. The Corona viral sickness was found in Wuhan, China in December 2019, and it has since become widespread [1–3]. Following the observation of its infection and amplified death rate, the World Health Organization (WHO), on March 11, 2020, declared it as a pandemic. In the current circumstances, India is severely hit by the Corona virus. COVID-19 causes the global economy to contract, affecting its sustainability. COVID-19 has a broad influence on India. According to a study released by the Reserve Bank of India (RBI), the corona virus damaged enterprises, organizations, and corporations that operated well before the epidemic. The three sectors that make up the bulk of the Indian economy are the primary, secondary, and tertiary sectors, all of which are heavily reliant on the banking industry [4, 5]. As part of its conventional activity, all of these sectors receive financial assistance from the banking sector, which disburses advances, loans, short-term credits, letters of credit, debt securities, and the like. The next era of Indian banking involves tasks such as foreign-exchange support, digital banking, e-commerce, and tele-banking [6].

The uncertainty regarding the scope and length of the epidemic, as well as the consequences for Indian banks of any accompanying limitations on economic activity, has made the overall operating climate unfavorable. The Indian financial sector, which includes banking, non-banking investment firms, and insurance companies, has a significant impact on the real economy because it creates credit and mobilizes available funds. As is well known in the modern period, the Indian government declared a total lockout of the nation beginning on March 24, 2020, which was later prolonged through May 3, 2020. In order to preserve the lives of the citizens of India, the government must go on lockdown. Due to this, all businesses, educational institutions, and offices in the public and private sectors have been shutdown. This will have a significant impact on many areas of our country. The Indian economy is built on sustainability of banking sectors. The purpose of this research was to examine the causative impact of pandemic COVID-19 on the sustainability of banks as a result of the lockdown.

1.1.1 Objectives of the Study

1. To investigate the COVID-19 afflicted area.
2. To investigate the impact of COVID-19 on the sustainability of Indian banking sectors as well as on the stock markets.
3. To investigate government and Reserve Bank of India (RBI) initiatives in response to COVID-19.

1.2 Research Methodology

The impact of COVID-19 on the Indian banking sector is the basis for the research. The study relied on secondary data. For this research, the RBI’s websites, manual, recommendations included in the RBI’s manuscripts, books, websites, periodicals, and newspapers were used to acquire information.

1.3 Literature

1.3.1 Impact Areas of COVID-19

Standard teller tasks including cash transactions, disbursements, check clearing, and other banking processes all required maintaining a safe distance of at least one meter. Customers’ and workers’ operational and technical difficulties revealed a weakness and a general lack of adaptability in our banking systems when confronted with an emergency crisis. The bank should refocus its focus toward digitizing and streamlining its backend processes as a result of the present COVID-19 issue. As a result, banks ’would not have to rely on staff interaction, paper-based reviews led by individuals, or manual data entry. In addition to accelerating technology adoption, the COVID-19 crisis will refocus attention on important financial issues, such as:

• Adoption of emerging technologies - as a result of the virus and economic instability, emerging technologies will play a critical role in speeding up transactions and lowering bank expenses. The Indian banking sector has recognized the importance of technologies in attaining success. By removing vertically integrated burdens, it forecasts increased use of microservice building. In the process of digitally transforming banks and other financial institutions, these new technologies will be crucial [7].
• Mechanism of digital revolution - according to the World Bank’s 2017 global index report, India have the world’s second biggest unbanked population, with 190 million people lacking an account with a bank. The major goal of enhanced internet and mobile connectivity would be to advance technology-enabled digital banking access. Additionally, the business would aim to gradually change customers’ preferences away from going to bank locations and toward using digital means. To provide the best channel mix, banks will allow their clients to communicate via several automated and digital channels. To facilitate effective adoption by Indian banking users, banks would evaluate critical criteria such as demography, availability to the internet, last mile connection, customers’ banking behavioral patterns, and so on [8].
• Privacy, security, and customers’ satisfaction - as reported by the RBI, cyber thefts increased in India’s banking industry during the fiscal year 2017, 18, resulting in losses of $13.7 million. With the rising usage of cashless and digital economies, banks will need to create safe frameworks. Financial frauds, money laundering, data loss, identity theft, and privacy breaches are all clear cyber dangers. Banks must take stringent measures to determine external and internal system vulnerability. For safe and smooth transactions, they should be technically fortified with stringent Know Your Customer (KYC), good client identity verification, financial-grade APIs, gateways, smart networks, and so on [9].
• Policies and compliance requirements - in order to build a financial ecosystem for our nation’s underbanked and unbanked people, the emphasis should be on improving electronic payments facilities, particularly in rural India [10, 11].

1.3.2 Reforms by the Government of India and RBI

India’s top government agency is RBI. which prepares monetary policy-providing directions to all banking institutions. The RBI promotes economic stability while maintaining the country’s growth. It announced the “COVID-19 Regulatory-Package” for banks and financial institutions as well as all urban (core) credit unions, provincial financial institutions, and region headquarters’ financial institutions including all non-banking financial companies and all institutions of finance across the country (including housing finance companies). For the needy requiring financial assistance for their means of subsistence and food security, the government decided on 1.7 trillion packages....

Produkt-Details

• Erscheint lt. Verlag: 31.7.2024
• Sprache: englisch
• Themenwelt: Technik ► Bauwesen
• Themenwelt: Technik ► Maschinenbau
• Schlagworte: Additive Manufacturing • Artificial Intelligence • Big Data Analytics • circular economy • Computational Optimization Techniques • Cyber-Physical Systems • Digital technologies • Energy-Aware Production • Industry 4.0 • Laser techniques • Liquid Crystal Thermography • machine learning • renewable energy • sustainable development • Sustainable Development Goals
• ISBN-10: 1-394-19820-5 / 1394198205
• ISBN-13: 978-1-394-19820-7 / 9781394198207