Bengaluru has been declared the fifth cheapest city to live in in the world by a new survey. Apart from Bengaluru, Chennai and Delhi also figured in the list. Chennai bagged the eight spot and New Delhi, the tenth.
The Economist Intelligence Unit’s report “Worldwide cost of living 2018; Which global cities have the highest cost of living”, the report took into account 133 cities from around the world. While the three Indian cities were figured in the 10 cheapest, Singapore is the most expensive. Karachi too figured in the top ten. These cities seem to offer the best value for money.
The report said, “India is tipped for rapid ecnomic expansion, but in per-head terms, wage and spending growth will remain low. Income inequality means that low wages are the norm, limiting household spending and creating many tiers of pricing as well as strong competition from a range of retail sources.”
Syria’s capital Damascus is officially the cheapest city in the world. Even though the cities are cheap there is a downside said the report. Even though India may be structurally cheap, instability is a prominent factor, it lowers the relative cost of living in the region but that means there is still an element of risk.
The survey compares 400 individual prices across 160 products and services. It includes food, drink, clothing, household supplies and personal care items, house rents, transport, utility bills, schooling, domestic help and recreation. The report is not a huge compliment to Indian cities because the understanding is that, cheaper the city the less liveable it is. Cost of living and standard of living seem to go hand in hand. Security and infrastructure are also factors in the survey. The survey may be logically sound, but people living in Bengaluru might disagree sharply and with good reason. Bengaluru has a long way to go.