According to a report published on Monday, this Indian city has continued to be the costliest city for foreign nationals in the country, while Delhi stands second in the list. Their ranks have also been inflated in the Asian chart, too, with Mumbai having moved up by six places while Delhi has climbed two ranks.
Thus, Mumbai slipped to 21 as the most expensive city for expatriates in Asia, while Delhi moved to the 30th position among surveyed locations in the region in Mercer's '2024 Cost of Living Survey'.
“In the face of global economic challenges, India has remained largely resilient,” said Rahul Sharma, India Mobility Leader at Mercer. The economy of India has shown significant growth lately, and it is primarily driven by domestic demand and the performance in the services sector.
Employment expansion, growth in the middle class, and a general rise in economic growth have favored the cost of living in the country, according to the survey.
Despite Mumbai's rise in rankings, the overall affordability of Indian cities remains a key advantage for multinational organisations or Indian companies looking to attract global talent,” Sharma mentioned.
Across the world, Hong Kong again tops as the most expensive city to live in. This year, Mumbai jumped 11 ranks to 136 from the last time ranking. The other Indian cities in the list were: New Delhi, going up 4 ranks to 164; Chennai, slipping by 5 ranks to 189; Bengaluru, slipping 6 ranks to 195; Hyderabad, by 2 ranks going up to 202; Pune, going up by 8 ranks to 205; and Kolkata by 4 ranks going up to 207.
The survey pointed out that Mumbai and Pune continue to top the list in terms of the energy and utility costs. "Our dynamic economy, driven by home-grown demand and an aggressive services sector, is providing a stable platform for global talent," said Sharma.
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