2023 Updated Price List on the Cost of Living in India

India has been ranked as the cheapest country to live as per a report by UBS. India is one of the fastest-growing economies in the world and we are on our way toward being a $5 trillion economy. The UNDP ranks India 141st out of 187 countries in terms of human development. Indian Rupee is considered stable and India’s stock market is the fifth largest in the world based on market capitalization, while the country enjoys an extremely low-cost benefits structure for employers.

History of India

The history of India is one of the most fascinating and complex in the world. The subcontinent has been home to some of the oldest civilizations and has seen the rise and fall of many empires. India has a rich and diverse cultural heritage and has been a melting pot of different religions and cultures over the centuries.

The first evidence of human settlement in India dates back to around 75,000 BCE when the region was still part of the African continent. The earliest known civilization in India was the Indus Valley Civilization, which flourished between 2600 BCE and 1900 BCE. This was followed by the Vedic period, during which Hinduism began to take shape.

The first major empire in Indian history was the Maurya Empire, founded by Chandragupta Maurya in 322 BCE. This was followed by the Gupta Empire, which reached its peak between 320 CE and 550 CE. After the Gupta Empire fell, India was ruled by several regional kingdoms until the arrival of the Mughals in 1526 CE. The Mughal Empire dominated much of India until they were eventually overthrown by the British in 1857 CE.

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Benefits of Living in India

  • Affordable Cost of Living:

In India, the cost of living is very affordable when compared to other countries. This is especially true if you’re moving from a developed country like the United States or the United Kingdom. When it comes to necessities like food and shelter, you’ll find that prices are much lower in India.

  • Cultural Richness:

India is a country with a rich cultural heritage. There are thousands of years of history and tradition that you can explore. You’ll find that the culture is very diverse, with different regions having their unique customs and traditions.

  • Excellent Infrastructure:

One of the benefits of living in India is that the infrastructure is excellent. The roads are well-built and maintained, and public transportation is efficient and affordable. Additionally, healthcare facilities are widely available and of high quality.

  • Affordable Housing:

Housing costs in India are very reasonable, especially when compared to Western countries. You can find a comfortable apartment or house for a fraction of the price you would pay elsewhere.

India’s Gross Domestic Product

According to the World Bank, India’s gross domestic product (GDP) was $2.597 trillion in 2017, making it the seventh-largest economy in the world. The country’s GDP per capita was $1,709 in 2017, which is still relatively low compared to other countries. However, India’s GDP has been growing rapidly in recent years and is expected to continue to do so in the future.

The majority of India’s GDP comes from the service sector, which accounted for 57.6% of the total in 2017. The next largest contributors are the industrial and agricultural sectors, which make up 28.6% and 14.8% of GDP respectively. India is a major exporter of software services and IT services and has a large tourism industry as well.

As India’s GDP continues to grow, so does its cost of living. To keep up with rising prices, many people in India are finding it necessary to earn more money. This can be done by working longer hours or getting a higher-paying job. However, it is also important to save money where you can, so that you can afford the things you need and want.

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Different Costs of Living in India

  • Cost of Accommodation

The cost of accommodation in India varies depending on the type of accommodation you are looking for. For example, a basic hotel room will cost you around Rs. 500 per night, while a more luxurious hotel room can cost upwards of Rs. 5,000 per night. If you’re looking for something in between, there are plenty of options available that will suit your budget.

For long-term stays, there are several apartment complexes and guest houses that you can choose from. Rent for a one-bedroom apartment starts at around Rs. 10,000 per month, while a three-bedroom apartment can cost up to Rs. 30,000 per month. Of course, these prices will vary depending on the location and amenities of the property.

  • Cost of Feeding

The cost of feeding in India can be very affordable if you are willing to cook at home. Food prices have risen significantly in recent years, but they are still relatively low compared to other countries. A family of four can expect to spend around $200 per month on food if they cook most meals at home.

If you eat out often, the cost of feeding will be higher. Eating out is not as common in India as it is in other countries, but it is still possible to find good restaurants that serve tasty food at reasonable prices. A meal for two people at a mid-range restaurant can cost around $30, and a simple street meal can cost as little as $2.

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  • Cost of Healthcare

The cost of healthcare in India is relatively low when compared to developed countries. However, the quality of care can vary greatly depending on the facility you use. Private hospitals tend to offer better quality care than public ones, but they also come with a higher price tag.

For routine checkups and minor procedures, you can expect to pay around $30-$50 at a private hospital. For more serious procedures or treatments, the cost can go up to several thousand dollars. Of course, these prices are just estimates and will vary depending on the exact procedure or treatment required.

If you have health insurance, your costs will be covered (at least partially) by your insurer. However, it’s important to note that not all hospitals and clinics accept all insurance plans. Be sure to check with your chosen facility ahead of time to avoid any surprise costs.

  • Cost of Insurance

The cost of insurance in India is relatively low when compared to other countries. This is due, in part, to the fact that the Indian government provides many subsidies and tax breaks to insurance companies. In addition, competition among insurers is strong, which helps keep prices down.

For a foreign national living in India, the cost of health insurance will vary depending on some factors, including age, gender, coverage desired, and whether or not the individual smokes tobacco. However, it is possible to find reasonably priced health insurance plans that cover a wide range of medical expenses.

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Conclusion

The cost of living in India is relatively low when compared to other countries, making it a great place to live. However, there are still some costs that can be considered high when thinking about living in India. Overall, the cost of living in India is lower than many other places around the world, making it a great option for those looking for an affordable place to live.

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