India is cheaper as compared to most of the countries in the world. After being the second most populated country in the world, India has now secured its place in the cheapest country to live or retire. India stood at the second position after South Africa in a survey that was conducted in 112 countries. India is cheaper than its neighbouring countries like Colombia ranked at 13, Pakistan which ranked at 14, Nepal which secured 28th position and Bangladesh at 40th position. The survey by GoBankingRates ranked nations on the bases of four key affordability metrics provided by online pricing database Numbeo. The metrics are: Local purchasing power index, rent index, Groceries index, and Consumer price index.
The survey says that India, which is a home to 1.25 billion residents, is the most populous among the 50 cheapest countries. It has also been observed that India, after the neighbouring country Nepal, has the second-lowest rent index among the 50 cheapest countries. According to the survey, India also has some of the lowest prices for consumer goods and groceries, with typical monthly expenses for these priced around USD 285 (approximately Rs. 18,137 as on January 29, 2018) for a single person living in Kolkata.
The local purchasing power in the major cities of India is also relatively high, according to the survey. The local purchasing power index measures the relative purchasing power of a typical salary in that country, compared to New York City. A lower purchasing power buys fewer goods, while a higher purchasing power buys more. While the rent index compares typical rental prices in the country to New York City, the groceries index holds a similar comparison for typical grocery prices. The consumer price index compares costs of local goods and services – including restaurants, groceries, transportation and utilities — to New York City. Here is the data:
• India’s local purchasing power: 20.9 per cent lower
• Rent in India: 95.2 per cent cheaper
• Groceries in India: 74.4 per cent cheaper
• Cost of local goods and services: 74.9 per cent cheaper
However, South Africa has topped the survey as the cheapest country to live or retire. Being the world’s largest producer of platinum, gold and chromium, goes far to enrich the country and its economy. While, among the most expensive countries, Bermuda ranked at 112, Bahamas at 111, Hong Kong at 110, Switzerland at 109 and Ghana at 108 position.