In a recent survey done by GoBankingRates, India is second cheapest country to live while south Africa being the first one. The survey was done on 112 countries of the world. The following parameters were considered while ranking cheapest countries to live in or retire:
- Local purchasing power index
- Rent index
- Groceries index
- Consumer price index
Out of above four, India is having second lowest rent index among fifty cheapest countries. India also performed good in terms of Consumer price index, as per GoBankingRates survey, the typical monthly expenses priced around USD 285 for a single person living in Kolkata.
As per the survey, India’s local purchasing power is 20.9 per cent lower, rent in India is 95.2 per cent cheaper, Groceries 74.4 per cent and local goods and services are 74.9 per cent cheaper as compared to other countries considered.
India is also a cheaper place to live in comparison with its neighbouring countries like Colombia ranked at 13, Pakistan (14), Nepal (28), Bangladesh (40).
Talking about most expensive country to live its Bermuda (ranked 112). Bermuda is followed by Bahamas at 111th place, Hong Kong occupying 110th spot, Switzerland 109th and Ghana at 108th.