New Delhi: The turmoil caused by the outbreak of Covid-19 is expected to derail India’s gig economy, which was projected to achieve a market size 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.