Wednesday, March 3, 2010

India, Chennai Cost of Living January 2010

LOCATION: India is in Southern Asia, bordering the Arabian Sea and the Bay of Bengal, between Burma and Pakistan. Chennai, formerly known as Madras, is the fourth largest metropolitan area of India and the capital city of the Indian state of Tamil Nadu. Chennai is located on the Coromandel Coast of the Bay of Bengal.

CAPITAL CITY: New Delhi

LARGEST CITY: Mumbai

CURRENCY: Indian Rupee (INR)

ECONOMY: Since 1991, India has gradually opened up its markets through economic reforms and reduced government controls on foreign trade and investment. India has a diverse economy which includes traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. These services are the major source of economic growth, accounting for more than half of India's output with less than one third of its labor force. The fundamental social, economic, and environmental problems are due to the huge and growing population. Chennai has a diversified economic base anchored by the automobile, software services, hardware manufacturing, healthcare and financial services industries.

Chennai has an overall cost of living index which equates it with middle cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. Chennai is currently ranked 152 overall, most expensive place in the world for expatriates to live, out of 276 international locations. The cost of living overview for each of the 13 Basket Groups is as follows:

Alcohol & Tobacco costs for alcoholic beverages such as alcohol at bar, beer, locally produced spirit, whiskey, and wine as well as tobacco products such as cigarettes is equally expensive on average compared to other cities with a rank of 145 out of 276.

Clothing costs for clothing and footwear products such as business suits, casual clothing, childrens clothing and footwear, coats and hats, evening wear, shoe repairs, and underwear is relatively less expensive compared to other cities with a rank of 264 out of 276.

Communication costs for various communication costs such as home telephone rental and call charges, internet connection and service provider fees, mobile / cellular phone contract and calls is relatively less expensive compared to other cities with a rank of 272 out of 276.

Education costs such as creche / pre-school fees, high school / college fees, primary school fees, and tertiary study fees is equally expensive on average compared to other cities with a rank of 177 out of 276.

Furniture & Appliance costs for furniture, household equipment and household appliances such as dvd player, fridge freezer, iron, kettle, toaster, microwave, light bulbs, television, vacuum cleaner, and washing machine is equally expensive on average compared to other cities with a rank of 123 out of 276.

Grocery costs for food, non-alcoholic beverages and cleaning material items such as baby consumables, baked goods, baking, canned foods, cheese, cleaning products, dairy, fresh fruits, fresh vegetables, fruit juices, meat, oil & vinegars, pet food, pre-prepared meals, sauces, seafood, snacks, soft drinks, spices & herbs is relatively less expensive compared to other cities with a rank of 219 out of 276.

Healthcare costs for general healthcare, medical and medical insurance such as general practitioner consultation rates, hospital private ward daily rate, non-prescription medicine, and private medical insurance / medical aid contributions is relatively less expensive compared to other cities with a rank of 217 out of 276.

Household costs for housing, water, electricity, household gas, household fuels, local rates and residential taxes such as house / flat mortgage, house / flat rental, household electricity consumption, household gas / fuel consumption, household water consumption, and local property rates / taxes / levies is relatively more expensive compared to other cities with a rank of 87 out of 276.

Miscellaneous costs related to stationary, linen and general goods and services such as domestic help, dry cleaning, linen, office supplies, newspapers and magazines, and postage stamps is relatively less expensive compared to other cities with a rank of 237 out of 276.

Personal Care costs for personal care products and services such as cosmetics, hair care, moisturizer / sun block, nappies, pain relief tablets, toilet paper, toothpaste, and soap / shampoo / conditioner is relatively less expensive compared to other cities with a rank of 253 out of 276.

Recreation and Culture costs such as books, camera film, cinema ticket, DVD and CDs, sports goods, and theatre tickets is relatively less expensive compared to other cities with a rank of 247 out of 276.

Restaurants, Meals Out and Hotel costs such as business dinner, dinner at a restaurant (non fast food), hotel rates, take away drinks and snacks (fast food) is relatively less expensive compared to other cities with a rank of 215 out of 276.

Transport costs for public transport, vehicle costs, vehicle fuel, vehicle insurance and vehicle maintenance such as hire purchase / lease of vehicle, petrol / diesel, public transport service maintenance, tires, vehicle Insurance, and vehicle purchase is relatively more expensive compared to other cities with a rank of 44 out of 276.

Your exact customized cost of living index for Chennai is based on which of the above basket groups as well as the comparison location you select in the Calculators.

In terms of the hardship people are likely to experience, assessed in global terms, Chennai is ranked as a high degree of hardship location with a hardship index of 30%.

Your exact customized hardship index premium for Chennai is based on the comparison location that you select in the Calculators.