Covid-19 update: Turmoil caused by coronavirus likely to hit gig economy

Covid-19 update: Turmoil caused by coronavirus likely to hit gig economy

Hindustan Times

The turmoil caused by the outbreak of Covid-19 is expected to derail India's gig economy, which was projected to touch gross sales of $455 billion by 2023 by industry group Assocham. Led by online food delivery firms Zomato and Swiggy, ride hailing companies Uber and Ola, online homestay brand Airbnb, hospitality chain Oyo and a host of other shared economy companies, the sector is bracing itself for unforeseen challenges as lives are unlikely to return to normal even after the completion of the 21-day lockdown, which could also be extended.

In the short term, the companies are likely to suffer from weak consumer demand, supply-chain disruptions and shortage of manpower, leading to poor growth rates.

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