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This paper examines the challenges in monitoring target 12.3 of United Nations (UN) Sustainable Development Goal 12 (SDG 12) under the SDG 2030 17 significant goals. SDG 12 focuses on ensuring production and consumption patterns are sustainable. Target 12.3 aims to reduce food waste by 50% at the retail and consumption stage and food loss at the production stage, including post-harvest losses, by 2030. With the help of SDG reports, an extensive literature review and expert opinions, 14 challenges were selected and hybrid multi-criteria decision making (MCDM) was applied. The first phase obtained the inter-relationship between the challenges using interpretive structural modeling (ISM). The second phase included quantification and ranking of the challenges using fuzzy AHP methodology. Probable strategies to overcome these challenges in emerging economies are discussed and ranked using the VIKOR methodology in the third phase, as no single approach can combat all the obstacles. This is the first to examine the challenges and possibilities of monitoring UN SDG target 12.3 in emerging economies like India. The results indicate that data availability, education in sustainable consumption and production (SCP) patterns, financing of SDG targets and data use are the main obstacles to monitoring and achieving target 12.3. [ABSTRACT FROM AUTHOR]