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India is The Cheapest Country to Live in After South Africa

Published on January 31, 2018
According to GOBankingRates Survey India is the 2nd cheapest country to live in South Africa.
This survey is conducted among 112 countries. The survey ranked nations on the bases of four key affordability metrics provided by online pricing database number.

The four key affordability metrics are-

Local purchasing power index

  • According to the survey, India has a population of 1.25 billion residents and hence is the most populous among the 50 cheapest countries.
  • Its major industries include textiles, chemicals and food processing. 
  • India also has a relatively high local purchasing power in the major cities that were surveyed. India's local purchasing power is 20.9 percent lower. 
  • 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.
  • Local purchasing power does vary greatly among these cheap countries

Rent index

  • Living in India is cheaper as compared to most of the countries. 
  • India's Rent index is 95.2 percent cheaper. 
  • The rent index compares typical rental prices in India to New York City.
  • According to the survey, even among the 50 cheapest countries, rent is at least 70 percent cheaper than in New York City.

Groceries index

  • According to the survey living in India can be cheaper compared to most of the countries. 
  • India also has some of the lowest prices for consumer goods and groceries, with typical monthly expenses for these priced around $285 for a single person living in Kolkata. 
  • India's Groceries index is 74.4 percent cheaper. 
  • The groceries index compares India with New York in terms of typical grocery prices.
  • According to the survey, even among the 50 cheapest countries, groceries are at least 40 percent cheaper than in New York City.

Consumer price index

  • The consumer price index compares costs of local goods and services - including restaurants, groceries, transportation and utilities to New York City.
  • In India, the local goods and services are 74.9 percent cheaper.
  • According to the survey, even among the 50 cheapest countries, consumer goods and services cost less by 30 percent or more.
  • India is cheaper than its neighbouring countries like Colombia ranked at 13, Pakistan (14), Nepal (28), Bangladesh (40).
  • The survey list has been topped by South Africa emerging as the cheapest country to live in or retire.
  • South Africa is the world's largest producer of platinum, gold and chromium.
  • This resulted in a local purchasing power that is significantly higher than New York.
  • Apart from that, South Africa also offers lower prices on consumer goods and groceries, and rent costs that are typical of the 50 cheapest countries.
  • Among the most expensive countries in the survey are Bermuda (ranked 112), Bahamas (111), Hong Kong (110), Switzerland (109) and Ghana (108).

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