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Shared Economy

  • IASbaba
  • March 11, 2020
  • 0
UPSC Articles
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Shared Economy

Part of: GS Prelims and GS-III- Economy

In News:

  • Shared economy in India is estimated to be an about $2 billion industry by end of 2020
  • In the sharing economy, individuals are said to rent or “share” things like their cars, homes and personal time to other individuals in a peer-to-peer fashion
  • By making it easier to exchange resources on demand, the sharing economy increases efficiency
  • In many circumstances, it allows participants to get by without owning valuable items, such as cars, while creating opportunities for others to extract value from idle possessions or talents.
  • The sharing economy often involves some type of online platform that connects buyers and seller.
  • The ‘shared economy’ includes segments such as co-working (Awfis, WeWork India), co-living (Stanza Living, OYO Life, Oxford Caps), shared mobility (Uber, Ola, Shuttl) and furniture rental (Furlenco, Rentomojo.)

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