Delhi govt’s new City Taxi Scheme’15 to recognize Ola, Uber

Newly-available knowledge from the Taxi and Limousine Commission, analysed by the New York Daily News, present complete journeys within the the primary half of 2015 have been down 10% in contrast to similar interval earlier yr. The number around the same time last year was 85.5 million. The cabs this year collected $981 million the first six months, a huge drop from the $1.06 billion raked in last year.

In real numbers, each cab brought in 9% less on average due to an increased number of taxi medallions and stiffer competition.

Last month, a invoice that may cap the variety of for-hire automobiles given permits was… Instead, the city announced a plan to study the effects of for-hire vehicles such as Uber on congestion in Manhattan. If so, is it better than regular yellow cabs?

Taxi and Limousine Commission representative Allan Fromberg spoke with Business Insider and said the apps are getting the spotlight but there are many other things going on.

The taxi industry is promising there will be hail to pay if the city continues to let Uber drive down the value of medallions.

Stiff competition has also caused the relative value of taxi medallions to plummet. In 2013, a taxi medallion was worth an estimated $US1.3 million. Today, online listings range from $600,000 to $900,000.

Owners argued it was unfair that they spent their life savings on medallions while Uber has paid little and taken away their rides.

Uber, Lyft, and Sidecar are all part of the ridesharing economy loved by urban-dwelling millennials and distrusted by Democratic politicians like Hillary Clinton, New York City Mayor Bill de Blasio (D), taxi driver associations, and Salon.com headline writers.

Taxi drivers in other US cities – such as Washington, DC, and Palm Beach, Florida – have protested Uber by gridlocking traffic in their respective cities. The service is also expanding in India after one of its biggest cities gave them the thumbs up to build offices and train drivers.