📷 Image Credits: The Times of India
In the latest Mercer’s Cost of Living City rankings for 2024, Mumbai has emerged as the most expensive city in India, making it the 136th most expensive city globally. The rankings have seen several fluctuations among Indian cities, with Delhi climbing four spots to 165th place worldwide, Chennai dropping five places to 189th, Bengaluru falling six spots to 195th, Hyderabad ranking at 202nd, Pune at 205th, and Kolkata at 207th. This report sheds light on the intricate urban economic dynamics of Indian cities and their position in the global landscape.
The report highlights factors contributing to the rising cost of living in major Indian cities. Mumbai, known for its high real estate prices, expensive goods, and services, has witnessed a notable increase to become even costlier than before. The city has moved up the rankings, making it the topmost expensive city in India. Similarly, Delhi has also seen a rise in its ranking, indicating a general trend towards increased living costs in urban centers across the country.
On a global scale, the survey by Mercer provides insights into the cost of living for expats in major cities worldwide. It showcases the top cities for expats including Hong Kong, Singapore, and Zurich, which have retained their positions as the costliest cities. The base city for the survey was New York City, enabling a comprehensive analysis of over 200 items like housing, transport, food, clothing, and entertainment.
Moreover, the report emphasizes the importance of housing costs in attracting and retaining talent. Housing rentals saw a significant increase in Delhi, Mumbai, Bengaluru, Pune, Hyderabad, and Chennai, impacting both organizational budgets and employee quality of life. The study underscores the crucial role of housing expenses in the overall cost of living dynamics for expatriates in these cities.
Overall, amidst global economic challenges and inflationary pressures, India’s urban centers have displayed resilience and growth. The report acknowledges the economic vibrancy of Indian cities, driven by factors like rising employment, a burgeoning middle class, and overall economic development. This resilience, coupled with improving living standards, positions India as an attractive destination for international assignments and global talent.
In conclusion, the Mercer’s Cost of Living City rankings for 2024 offer valuable insights into the urban economic landscape of India, highlighting the evolving dynamics of major cities like Mumbai, Delhi, Chennai, Bengaluru, Hyderabad, Pune, and Kolkata. As the cost of living continues to fluctuate, these cities play a pivotal role in shaping India’s economic narrative on the global stage.
