Indian Talent, Global Content
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Indian Talent, Global Content |
Cost of Living in India Compared to the West
The Indian economy has been experiencing a recent boom with inflation and appreciation of the Indian currency, the rupee, against most major currencies, as corollaries. The over-all cost of living may have increased considerably within India but the change is certainly not a phenomenal one as Indian cities still occupy the lowest positions in the world rankings. A 2007 Cost of Living Survey conducted by ECA International, a Hong-Kong based solutions provider for international HR management, revealed Mumbai, New Delhi, Chennai, Hyderabad, Kolkata, Pune, and Bangalore to be occupying the 177th, 178th, 186th, 189th, 193rd, 194th, and 205th positions respectively in the world rankings. On the other hand, in the Asian rankings the respective cities of Mumbai, New Delhi, Chennai, Hyderabad, Kolkata, Pune and Bangalore are placed at the 24th, 25th, 27th, 28th, 30th, 31st, and 37th positions, respectively. The survey corroborates Luanda as the most expensive city in the world. “The commodity boom in recent years has led to considerable currency appreciations in commodity-exporting markets such as Angola, making it an increasingly expensive location for expatriates,” said General Manager of ECA International (Hong Kong) Lee Quane. Luanda is followed by Oslo, Moscow, Stavanger, Copenhagen, Geneva, London, St Petersburg, Zurich, Helsinki and Basel among the European locations. Goods and services in Norway, Denmark, and Switzerland have historically been expensive. Recently however, Moscow and St Petersburg have joined them at the top of the worldwide cost of living ranking with economic development driving up retail prices and a booming export market strengthening the local currency,” Quane commented. Seoul is the costliest among the Asian locations followed by Tokyo, Yokohama, Kobe and Hong Kong; they have world ranks of 7th, 13th, 18th, 27th, and 79th respectively. It is important to note that ECA’s cost of living data compares a basket of 128 consumer goods and services commonly purchased by expatriates in over 300 locations worldwide; however, it does not consider certain living costs such as accommodation, utilities (electricity, gas , water, etc), car purchase and school fees which can play a pivotal part in determining expenses. Most expensive cities worldwide
Another 2007 Cost of Living survey from Mercer Human Resource Consulting, establishes Moscow as the costliest city in the world. Whereas, in the Quality of Living survey, Zurich and Geneva top the rankings, India does not figure anywhere in the top 50 in either of the surveys. Click to continue
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