India vs US all the hidden factors and comparisons
I used this website called ‘Numbeo’ to get an idea of the differences in the standards of living in the US compared to India. I compared two of the most expensive cities in the respective countries, New York City for USA and Mumbai for India and also the US jobs and Indian market jobs real analysis.
And below are the results:
- Consumer Prices in NYC is 266% higher than in Mumbai.
- Rent Prices in NYC is 326% higher than in Mumbai.
- Restaurant Prices in NYC is 289.80% higher than in Mumbai.
- Groceries Prices in NYC are 221.57% higher than in Mumbai.
- Local Purchasing Power in NYC is 153.73% higher than in Mumbai.
To conclude, on average New York City is 300% more expensive than Mumbai i.e. four times more expensive. So if you earn 1 rupee in Mumbai, India you would need to earn 4 rupees in New York City, USA to enjoy the same standard of living.
Now that the calculations are in place, Rs 22 lakh must be equivalent to Rs 88 lakh in Indian currency in the salary in US. However, $120,000 when converted as per today’s conversion rate amounts to Rs 90 lakh. So both of them looks almost equal. But of course, the luxury, the standard of living that you can get in America is a lot better than in India. Your standard of living will improve significantly. So, even though you won’t be missing out much from an economical point of view, but if you want a better lifestyle, I would suggest you try for your US Visa.
Differences in living standards between the United States (USA) and India
| Aspect of Living Standard | United States (USA) | India |
|---|---|---|
| GDP per capita (2021) | $68,309 | $2,049 |
| Average Monthly Income | $4,000 – $5,000 | $200 – $300 |
| Healthcare Quality | High-quality healthcare system | Varied quality, access issues |
| Education System | Well-developed and extensive | Varied quality, limited access in some areas |
| Housing | Expensive, varied quality | Varied quality, affordability challenges |
| Transportation | Extensive infrastructure | Limited public transportation in many areas |
| Internet Access | High-speed, widespread | Limited access in rural areas |
| Life Expectancy | Approximately 79 years | Approximately 69 years |
| Access to Clean Water | Widespread access | Limited access in some rural areas |
| Poverty Rate | Around 10% | Around 21% |
The cost-of-living India vs US in the United States (USA) is generally higher than in India. Here’s a comparison of some key cost of living factors between the two countries:
- Housing:
- In the USA, housing costs vary widely by location, but they are generally higher than in India. Major cities like New York, San Francisco, and Los Angeles have some of the highest housing costs in the world.
- In India, housing costs also vary by city, but they are generally more affordable than in the USA. Smaller cities and rural areas tend to have lower housing expenses.
- Food:
- Food prices in the USA can be higher than in India, especially for dining out at restaurants. However, there is a wide range of food choices, including fast food and fine dining.
- In India, food is generally more affordable, and there is a rich variety of street food and local cuisine options.
- Transportation:
- The cost of owning and maintaining a car, as well as public transportation, is relatively higher in the USA compared to India.
- Public transportation in India, like buses and trains, is often more affordable, although the quality and availability may vary by city.
- Healthcare:
- Healthcare costs in the USA are considerably higher than in India. Health insurance is a significant expense for many Americans.
- In India, healthcare can be more affordable, but the quality of care may vary, and private healthcare can be costly.
- Education:
- Higher education costs in the USA, including tuition fees and living expenses, are among the highest globally.
- In India, tuition fees for higher education are generally lower, but there is also a wide range of quality in educational institutions.
- Utilities:
- Utility costs in the USA, such as electricity, heating, and water, can be higher than in India.
- In India, utility costs can vary depending on the region but are often more affordable.
- Taxes:
- The tax system in the USA is complex, and tax rates can vary significantly. Income tax rates in the USA tend to be higher than in India.
- India has a progressive income tax system, and tax rates are relatively lower compared to many Western countries.
Between India vs US the Purchasing Power Parity (PPP) is a concept used in economics to compare the relative value of currencies in terms of their ability to purchase goods and services at the same level of economic well-being. In simpler terms, it helps assess how much a given amount of money can buy in different countries from different contract jobs and fulltime jobs, factoring in the cost of living and price levels.
When comparing the purchasing power parity between India and the United States (US), it’s important to note that the Indian Rupee (INR) and the US Dollar (USD) have significantly different exchange rates. As of my last knowledge update in September 2021, the exchange rate was roughly 1 USD = 73-74 INR.
However, due to differences in the cost of living and price levels between the two countries, this exchange rate doesn’t accurately reflect the relative purchasing power of the two currencies. To assess PPP, economists often use the “Big Mac Index” or other basket of goods and services to compare prices.
Here’s a simplified example:
Let’s say a Big Mac burger costs $5 in the US and 250 INR in India.
- Using the exchange rate of 1 USD = 73 INR, the burger would seem cheaper in the US.
- However, if you look at PPP, you’d calculate how many burgers you could buy with the same amount of money in each country. In this case, you could buy 1 burger with $5 in the US and also 1 burger with 250 INR in India.
So, based on PPP, the purchasing power of 250 INR in India is roughly equivalent to $5 in the US for buying a Big Mac.
Keep in mind that this is a simplified example, and PPP can vary depending on the basket of goods and services used for comparison. Additionally, exchange rates and relative price levels can change over time, so it’s essential to refer to up-to-date data and research for a more accurate assessment of PPP between India and the US.
What is 25 LPA Equal in USA
25 LPA in India just score As per US standards 78 k in US
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The USA importers account for a major share of the global import statistics compared to any other country in the world. Exporters and manufacturers throughout the world, constantly try to generate more trade links with the country so that they can earn better profit shares.
This is something unusual as most of us used to be fascinated during most of our young age i.e., 80’s whenever there’s a new product launch that was trademarked with “Made in USA”, you name it what the brand, quality, durability so on so forth there’s a market base for it. USA has been dominating the world with its manufacturing expertise that includes the marketing strategies adaptable to the local market that has gained reputation of the most ‘desirable’ products.