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India: Financial Considerations
2010-08-21
by goinglobal.com
Cost of Living
Despite the massive growth India has experienced in recent years, it is still very much
a third-world country with a per capita gross domestic product of just under 850 USD.
However, India’s purchasing power compared to the baseline United States is 4.66 to 1,
meaning that, at least in theory, one’s earnings in India should go 4.66 times further than
in the United States., If coming from Britain, Australia or Canada, a person’s money will
go even further in India because purchasing power in those three countries is lower than
the United States.
The actual cost of living in India is heavily influenced by lifestyle. Luxury and imported
items are no cheaper – and frequently are more expensive – in India than in the West.
Food and other products from India are, for the most part, inexpensive relative to their
foreign counterparts. Simply put, the more one lives like a local, the more affordable
India becomes.
Housing
Housing costs in India vary widely from city to city. Apartment rents in center-city
Mumbai and New Delhi are the highest in India on a per-square meter basis. A 100
square meter (1,076 square feet) apartment in Mumbai averages 2,550 USD per month
and a 90 square meter (969 square feet) apartment in New Delhi averages 4,500 USD
per month.
Medical Care and Health Insurance
An expatriate living in a major metropolitan area in India can rest assured that good
health care is available. In fact, the private health-care industry is growing rapidly and is
even expanding to make India the number one destination for "medical tourism." Most
expatriates receive their health care at modern private clinics and hospitals, avoiding
government facilities that are not up to Western standards. The cost of medicines and
medical care is very low.
Government sponsored health insurance, through the Employees State Insurance
Corporation, is available to those making less than 10,000 INR (about 255 USD) per
month, which is likely to preclude most expatriate employees. It is possible to purchase
an individual insurance policy to supplement, or in lieu of, group coverage. There are
numerous companies offering expatriate health insurance policies.
http://www.goinglobal.com/
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