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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Rs 1 lakh salary in India? Guess what you need in the US for same lifestyle. CA breaks it down
cost of living varies significantly between India and the United States, and this difference is best understood through Purchasing Power Parity (PPP). According to financial expert and CA Nitin Kaushik, an annual salary of Rs 23 lakh in India is equivalent to Rs 79 lakh in the US when considering lifestyle expenses. This staggering gap underscores the impact of PPP on real income and affordability.
Understanding Purchasing Power Parity
PPP is a measure that adjusts exchange rates to compare the cost of living across countries. It considers how much money is needed in different nations to purchase the same goods and services. For example, if a burger costs Rs 100 in India and $20 in the US, the PPP ratio would be 5, meaning that for every dollar spent in the US, an equivalent expenditure in India would be Rs 5.
Kaushik highlighted this disparity in a social media post, stating: «Earning ₹23L in India feels 'mid' until you realize your US counterpart needs ₹79L to maintain the same lifestyle. Why? Purchasing Power Parity (PPP)!»
Cost Comparison: India vs. US
The difference in expenses across both countries is evident in daily expenditures. Kaushik provided a breakdown of common costs:
- Meal at a restaurant: Rs 300 (India) vs Rs 1,700 (US)
- Rent for a comparable apartment: Rs 50,000 (India) vs Rs 1.6 lakh (US)
- Internet costs: Rs 700 (India) vs Rs 6,000 (US)
In India, hiring domestic help or a driver is common, while in the US, these services are considered a luxury due to high labor costs.
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