Tiger80 Posted February 16, 2012 Posted February 16, 2012 NEW DELHI: A high rate of inflation may be pinching hard on day-to-day life of people in the country, but a global survey has named two Indian cities -- the financial hub Mumbai and the national capital New Delhi -- among the four least expensive places across the world. As per the worldwide 'cost of living' survey by Economist Intelligence Unit (EIU), Mumbai is the second least expensive city globally, while New Delhi is ranked fourth. Karachi in Pakistan has been named as the cheapest destination globally, while Zurich in Switzerland is the most expensive place across the world, as per the survey. Inflationary pressures have figured among the key concerns facing the government as well as the public in India for many months now, although the rate of inflation has declined a bit in recent past. The country's headline inflation fell to 6.55 per cent in January 2012. It had stood at 7.47 per cent in December 2011. Despite the drop in inflation in January, finance minister Pranab Mukherjee had said the rate of price rise is "still not at acceptable level" and hoped for further dip. Headline inflation was near double digit for most of 2010 and 2011. The apex bank hiked key policy rates 13 times, totalling 350 basis points between March 2010 and October 2011, to tame inflation. In the EIU survey, three of the four cheapest locations globally -- Karachi, Mumbai, Tehran and New Delhi -- are from the Indian subcontinent. "India has been such a target of labour outsourcing, relocation and FDI over the last decade," EIU said. "With cheap labour and land costs making India and Pakistan incredibly attractive to those bargain hungry visitors or investors willing to brave some of the security risks that accompany such low prices, especially in Pakistan," it added. All the four cheapest cities have retained their positions from the previous year's list. However, Zurich has toppled Tokyo as the world's most expensive city, although both of them have become relatively expensive in the past one year. "Both Japan and Switzerland have seen strong currency movements over the last few years which have made them relatively more expensive," EIU said. After Karachi, Mumbai, Tehran and New Delhi, the report has named Muscat, Dhaka, Algiers, Kathmandu, Panama City and Jeddah among the least expensive cities. In the list of ten most expensive cities, Zurich and Tokyo are followed by Geneva, Osaka Kobe, Oslo, Paris, Sydney, Melbourne, Singapore and Frankfurt. The survey compared over 400 individual prices across 160 products and services. They include food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs. The main reason behind low cost of living in the Middle Eastern cities was the use of price controls and the pegging of currencies to the US dollar, the report said. This year's list interestingly features cities from the Asia Pacific region (including Australasia) in the ten most expensive cities, while on the other hand, three of the four cheapest locations hail from the Indian subcontinent. "Although Asian hubs are making their presence felt at the top of the cost of living stakes, another kind of Asian hub is making its presence felt at the bottom, EIU said. Singapore's presence in the top ten most expensive cities highlights a shift away from Western Europe towards Asian hubs, the report said. "Cities from the Asia Pacific region (including Australasia) now make up half the ten most expensive," EIU said adding Western Europe still accounts for 24 of the most expensive cities in the top 50, with 14 hailing from Asia. Interestingly, despite Eurozone weaknesses German and French cities are still relatively expensive with Paris and Frankfurt holding firm in the ten most expensive. Besides, Oslo, which was considered the world's most expensive city only a few years ago also sits towards the top of the ranking. http://timesofindia.indiatimes.com/india/Mumbai-worlds-2nd-least-expensive-city-Delhi-4th-Survey/articleshow/11912060.cms
Prakat Posted February 16, 2012 Posted February 16, 2012 The municipal budget of Mumbai is more than that of Delhi + Calcutta + Bangalore + Chennai put together. It's more than even some states. You can live for very little in Mumbai because people find ways to do so and the city accomodates it. It can also be the most expensive city if you change the metrics.
Desi Cartman Posted February 16, 2012 Posted February 16, 2012 Melbourne is one of the most expensive cities :woot:
DomainK Posted February 17, 2012 Posted February 17, 2012 Does not make sense. So far I knew that Mumbai is one of the most expensive cities in the world. How did it turn upside down so fast? Mumbai has a place for all kinds of people regardless of income, gender, religion, community etc. People just move, start living and start dreaming.
Stuge Posted February 17, 2012 Posted February 17, 2012 Melbourne is one of the most expensive cities :woot: if I'm right you don't live there anymore .so you should be happy :P
Desi Cartman Posted February 17, 2012 Posted February 17, 2012 if I'm right you don't live there anymore .so you should be happy :P true
Tiger80 Posted February 18, 2012 Author Posted February 18, 2012 delhi is cheap :thrasher: read the news below Cost of living: Delhi tops chart in India NEW DELHI: Your city is now the most expensive place to live in in the country. Official data for the six years from 2004-05 to 2009-10 shows that spending on essential food and non-food items rose 75% and 78% respectively, and the city's monthly per capita expenditure of Rs 2,905 in 2009-10 was the highest across India. While the average family size shrank over the years, household expenditure continued rising at a clip, the government's latest report shows. Monthly per capita expenditure on food, medical treatment, education and rent increased the most in the six years to 2009-10. In that year, the average urban Delhiite was spending 36% of his income on food. The report shows expenditure on non-food items like medical treatment, education, rent, services like maids, and durables like washing machines also increased tremendously. Hospital expenses showed the highest increase of 240% compared to the average for 2004. The per capita monthly expenditure on medicines and tests done outside hospitals also increased 129%. The average increase in rents during the period was 186% and education became dearer by 126%. Expenditure on treatment, education and rent emerged as a heavy cost. The report shows that in urban areas about 36% of monthly per capita expenditure was on food items and the remaining on non-food items. Around 10% was spent on milk and milk products, 7% on cereals and pulses, 2% on edible oils, 4% on vegetables, and 2% on fruit. As regards non-food items, about 8% was spent on fuel, 6% on clothing and bedding, 9% on education, 2% on medical treatment and 7% on rent. Under the food head, the maximum increase was in spices (131%) and cereals (85%). Both articles are prime components of a family's diet and wheat remains the dietary staple. While increase in food expenditure can be attributed to rising inflation, Delhiites are shelling out much more on providing education to their children, medical treatment to the ailing and rent for houses. Increase in expenditure on durables like washing machines, refrigerators and air conditioners stands at 105% and spending on consumer services like repairs, maids and security services has gone up by 46%, compared to 2004. The report paints a profile of urban Delhi. Around 90% of the households use LPG as cooking fuel, 64% live in their own houses and 15.31% (5.61 lakh) have Internet connections. Overall, Delhi bears an urban imprint with the average household size in urban areas being less than 4.5 persons and the average number of children per household at 1.17. http://timesofindia.indiatimes.com/city/delhi/Cost-of-living-Delhi-tops-chart-in-India/articleshow/11918552.cms
EnterTheVoid Posted February 18, 2012 Posted February 18, 2012 Love Melbourne. Planning to fly there soon.
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