Monday, October 2, 2023

Uber creates Rs 44,600 cr worth economic value for India

Uber generated Rs 44,600 crore worth value for India’s economy in 2021, helping drivers earn an additional Rs 1,700 crore in higher income, the ride-hailing platform revealed on Wednesday.
Rides with Uber produced 1.5 lakh crore trillion in consumer surplus for the Indian riders in 2021 — equivalent to 0.8 per cent of the GDP.
“During a challenging time in India in 2021 which was marked by a brutal second Covid wave, Uber unlocked an estimated Rs 44,600 crore in economic value for the Indian economy,” said Prabhjeet Singh, President, Uber India and South Asia.
As per estimates, Uber saves riders over 16.8 crore hours a year, according to the company’s a2021 India Economic Impact Report’, compiled by Public First.
While 96 per cent of riders say that convenience is an important reason they use Uber, 97 per cent of female riders say safety is an important factor in their choice to use the ride-hailing app.
“In total, in 2021, we estimate that driver-partners earn an additional Rs 1,700 crore a year in higher income through Uber, or an average of 49 per cent more than their next best alternative type of work,” the report mentioned.
Nearly 84 per cent of riders without access to a car said the availability of ridesharing services like Uber was important to their choice of not owning a vehicle.
“In total, we estimate that one in four Uber trips connect with public transport,” said the company.
Singh said that the company is pleased to see that “our journey over the past nine years in India has made a significant contribution to our economy”.


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