India, which ranks fifth in the list of countries by Gross Domestic Product (GDP), is one of the least expensive countries in the world.
According to Numbeo, an organization empowering individuals and businesses with information on the cost of living worldwide, India claims the third spot as the least expensive country. This determination is based on the Cost of Living Index, calculated by considering various factors. The index values range from 1-100, with lower values indicating lower expenses.
List of least expensive countries in the world
With a Cost of Living Index of 17.6, Pakistan tops the list of the least expensive countries globally, followed by Egypt in the second position.
India, with a Cost of Living Index of 22.9, secures the third position in the list.
| Country | Cost of Living Index |
| Pakistan | 17.6 |
| Egypt | 21.7 |
| India | 22.9 |
| Nigeria | 23.2 |
| Libya | 23.9 |
| Syria | 25.2 |
| Nepal | 25.9 |
| Bangladesh | 26.2 |
| Uzbekistan | 26.6 |
| Turkey | 27.1 |
While the above countries are the least expensive countries in the world, Bermuda, Switzerland, the Cayman Islands, Bahamas, and Iceland are some of the most expensive nations.
India lags in local purchasing power
In terms of purchasing power, the value of money in terms of real goods and services it can procure, India falls behind significantly in the list.
Globally, India ranks 96 in terms of local purchasing power.
Top 10 countries with high local purchasing power:
- Isle of Man
- Luxembourg
- Qatar
- United Arab Emirates
- United States
- Switzerland
- Kuwait
- Netherlands
- Oman
- Iceland
Luxembourg, with the second-highest local purchasing power, also holds the title of the world’s richest country in terms of GDP per capita.
Though India lags in local purchasing power, the country is one of the least expensive countries in the world.
