Beating small countries like Pakistan and Nepal, a survey has proved that India is cheapest place in the world to live.
According to data, India has been ranked as the cheapest country to live in the world. Beating its neighbor countries Pakistan and Nepal, India has won the top mark for cheapest place to leave on the subcontinent being the largest continent.
According to report from Numbeo Food, Clothing and the all other basic and daily necessities of life are relatively priced low compared to other countries. The metropolitan hubs such as New Delhi, Mumbai and Bangalore also offer good salaries to make life much affordable elsewhere in the world.
As per the opinions of experts, enjoying a frugal life in India depends on the social identity of a person and not on the real estate or internationally imported items.
Abhijit Banerjee a professor of Economics at Massachusetts Institute of Technology (MIT) speaking to The Independent said that the large number of goods produced domestically are very easily affordable for most of the Population of India. Non traded goods are priced very low in India, like eating in a good reasonable quality restaurants.
As India is having a large population,people intends to work very little, which helps goods to stay cheap. One hundred rupees equals to $1.50 in US. Example a bus ticket in India on average is about 15 rupees, a litre of petrol 67 rupees and a city apartment about 11,600 rupees per month to rent which shows how cheap it can be as compared to US.
Professor Banerjee, who was born in Mumbai, compared this situation to that of a city like Accra, the capital of Ghana, where everyday items such as toothpaste are imported and consequently much dearer.
As India is also a good exporter, rest of the world has also been buying more and more from India especially in terms of IT services, software and agricultural products of which India is a large producer. This makes the money to flow back to India thus enhancing the economy of the country.
In India if you want a quality living you have to pay high prices but it all depends on who you are.You have to do too many adjustments in life to take advantages of the cheap prices, professor Banerjee added.
Meanwhile, many Indians outside cities have felt the purchasing power of the rupee depreciate as inflation is rising. The Indian government is now trying hard to keep the inflation rate low.
According to Oxford University, Bihar a rural state in the north-east region of India is one of the poorest regions in the whole of South Asia and in such poorer areas, healthcare is especially not affordable. The world bank report shows that some 39 million Indians were pushed into poverty by out-of- pocket payments to medical care last year.
The report looked prices across 5,875 cities around the world. Everything from the bus fare, restaurants, apartments, clothing,supermarkets, internet and phone bills and even entertainment was looked at.
Other countries listed after India are Moldova, Pakistan, Kazakhstan, Nepal, Ukraine, Georgia, Algeria, Azerbaijan and Colombia.