Shared Economy

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.)