Where’s the Cheapest Place to Buy…? Probably India - The Real Cost of Living Explained!

[Chanakya's_Chant]

Where’s the Cheapest Place to Buy…? Probably India​

By JOANNA SUGDEN

If cities were stores, to find the best deal you’d be advised to shop in Mumbai for Levis and Coca Cola KO +0.86%, go to Rio for a pack of Marlboro cigarettes and stop off in San Francisco to buy an iPhone 6.

Deutsche Bank research published last week compares prices for everyday items in cities around the world. Overall, across a range of products, India is “the cheapest major economy.”

Looking for a cheap date? A Big Mac, movie, cab, soft drink and couple of beers costs $24.70 in Mumbai – making India’s financial capital the least-expensive place in the world to show someone a good time.

Try to do the same in San Francisco or Tokyo and you won’t get change from $100 – in fact, you’ll need to scrape a few more dollars together to cover the bill.

Need a man’s haircut? A short-back-and-sides in New Delhi on average goes for $2.40, a snip of the price elsewhere in the world. A trim in Tokyo costs 15 times more.

The study compiles prices posted on the Internet and from secondary sources, though it doesn’t say what they are.

“We have tried our best to use goods and services that are standard across countries or are close substitutes,” the authors of “The Random Walk Mapping the World’s Prices 2015,” wrote.

Such studies, including this one, do not reflect the true cost of living though because they ignore housing rents – often a person’s biggest monthly outlay.

Add on the price of accommodation in Mumbai, which can have rents as high as those charged in New York, and the city would suddenly look a lot less easy on the wallet.

*The price in each country. **A Big Mac, movie, cab, soft drink and couple of beers. ***Two nights in a standard 5 star hotel room, four meals, two snacks, car rentals for two days, two pints of beer, four liters of soft drinks/water, and a bit of shopping (a pair of jeans and sports shoes.)

Source:- Where’s the Cheapest Place to Buy…? Probably India - India Real Time - WSJ

 

[Chanakya's_Chant]

 

[Chanakya's_Chant]

They even assessed the cost of a date! ​

 

[indiatester]

Strangely I found clothing to be fairly cheap in US. Just my personal observation. Not to mention they have easy availability of clothes and shoes my size!

 

[Bobby]

Strangely I found clothing to be fairly cheap in US. Just my personal observation. Not to mention they have easy availability of clothes and shoes my size!

I agree.....

 

[dray]

@Genesis you were asking for the cost of living in India in some other thread. Also note that what has been mentioned here are the costs of premium services in two of India's most costly cities, standard services can cost 10 times lower also, like, a haircut.

Also check the prices of fruits, vegetables and grocery here:

www.bigbasket.com

But this website also sells mostly premium products in major cities, prices in the local market can be far less, especially for fruits and vegetables.

 

[nForce]

Two years ago, a 1 BHK in Thakur village, Kandivli-East used to cost 90L. God knows what are the current rates now.
That's damn expensive for most of the middle class people in India

Why is it that we think about PPP while calculating GDP, and compare property rates in nominal ? It defies all logic !

This data may be correct for a person in US or Luxembourg, but wrong for us. For us, Mumbai is very costly. When someone goes to New York and works there he is paid in a rate that is suited to New York. This article draws a wrong picture.

 

[indo]

Correction : The cost of living in mumbai is low only for those who earn in dollars,pounds,euros, dinars etc...not in rupees

 

[nForce]

Correction : The cost of living in mumbai is low only for those who earn in dollars,pounds,euros, dinars etc...

Exactly my point. Refer to my post, #7

 

[livingdead]

delhi duty free in delhi airport is surprisingly cheap.

 

[wolfschanzze]

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They even assessed the cost of a date! ​

That is because,Our houses don't allow traditional dating in the sense as American families do.

 

[Chanakya's_Chant]

Actually you might be surprised to know that living in india is around 3 times cheaper in US/UK(for Private facilities i.e same quality restraunts , schools and other services and even ). But the government provided facilities are crap ( like roads water sanitation ) and that is the major reasoni think why people prefer to shift.

There is no means to retain the brain drain by approving dual citizenship. Only one way is the appreciate their contribution and offer appropriate compensation to contribute for India. Someone who's earning >$100,000 is US will never take up a $15000-20,000 job, given the tax rate will be almost same. And the cost of living in a metro in India is not in stark difference than in US, maybe 20% cheaper.

Certainly much much more than just 20% as explained in the article above.

Better education, better healthcare, better security, better financial stability.

Some maybe persuaded by better education for kids etc.. In such cases dual citizenship might work to keep then in the country

Quality of life is consistently improving in India - India is among the top 10 countries (#7 out of 37 countries) in the world in terms of expat quality of life, as lower living costs and good perks for families make the country an attractive expat destination

Many expatriates (expats) in India said they were able to benefit from cheaper living costs and they find the country a great destination for bringing up a family.

India was ranked sixth in the 'Raising Children Abroad' league tables. Around 44 % of expats said that the cost of raising children in India is lower than in their home country.

India ranked 7th in for expat quality life - timesofindia-economictimes

India has also been ranked as the second most ‘up and coming’ destination – the countries that are getting better as a place to live and work in – for expats after China.

Expats in China and in India are also the most confident and have a positive outlook on the local economy with 60 per cent of them sharing the feeling that their host country is getting better as a place to live and work, compared to the 32 per cent global average.

India’s second most “up and coming” destination for expats: HSBC | Business Line

As far as healthcare is concerned - India is top destination for medical tourism across the globe - for the ones who can afford - India has healthcare infrastructure comparable to the best in the world.

India is placed among the top three medical tourism destinations in Asia, mainly due to the low cost of treatment, quality healthcare infrastructure and availability of highly-skilled doctors - we will soon replace Thailand and hopefully Singapore in the long run as #1 in this concern.

India ranks among top 3 medical tourism destinations in Asia - The Times of India