ash7979

Thats why UK is a developed country & Indian is developing ( And will remain developing for next 100 years)...In UK 1200 Pound is the minimum wages & in india there is no definition for minimum wages, thats why Developed countries don't have Slums, but Developing countries does have....

And its foolish thing to compare UK (having population 6 Cr) to India (having Population 100Cr)...Do you think that Minimum Wage in Huge country like India is Possible???? Go to Bihar or UP & see there PPls are not able to earn even 3000 Rs/month (around 40 Pound) where as in UK 40 Pound is the minimum daily wage...that's why they come to mumbai & live in Slums...So Talking about these issue looks great on internet forum, but not at all Practical in India....

__________________
Cheers,
-Ashish

compuwalah

In that case we can apply same logic to builders that nothing wrong in asking price closer and closer (month after month) to what is quoted buy some builder in some suburb of London (takes cover to escape wrath of bears )

realacres

Agree with all your points except this one:-
My cousin was gifted Honda Jazz on his birthday, yet he drives activa to his college, doesn't use internet on fone as it is expensive & whenver outside, goes to udapi hotel than star one, all this though he can afford it. His logic is simple:- I will spend when I earn. Again when is looking after the family biz, though part time, he isn't spending, it still goes to his piggy bank (though he has his a/c he operates piggy bank as well).

So, more or less, this is in the blood + experience learned from seeing others. Best part which I really appreciate about him is that he never gives in to peer pressure, which many people failed to do for whateer reasons.

* PS:- All the family members earned from scratch & hence all are aware about the value of money even if they are in crores now.

Man, earning money is not difficult, digesting it is!!

realacres

I met 20-25 ITGs, & not all are IT engg though they work in IT cos. Rest I agree with wiseman.
Yes, population is biggest prob. Reduce prob, 90% of probs will get resolved.

sanav3

Which was also the biggest part of proclaiming recovery from recession.. as we have a huge market within India bcoz of this population..
Which is being targeted now by many companies from across the Globe, one widely known example is Auto sector

And realacres the number speaks for itself - 25 ITGs out of 50K... that is you are making statements about a whole community based on 0.0005% of people you know

asliarun

Point taken, Ashish. You did miss out one crucial point though: Everything changes if you focus only on Indian metros. Life in urban Indian metros is dramatically different from life in the rural hinterland, in terms of wages, facilities, infrastructure, job opportunity, etc.

Indian metros can and should be benchmarked against other metros around the world. Even in the so-called developed countries, urban standard of life is dramatically different from the rural standard of life. Heck, our urban real estate prices are as much as they are in other international metros.

You talk about Bihar and UP's average wage. Yes, that is true. But that is EXACTLY the reason why Biharis and UPites and people from all over rural India are migrating to the cities. In this RE forum, by the way, why do you only see sub-forums for Mumbai, Pune, Bangalor, Delhi, Chennai, etc? Why don't you see forums for Jaunpur, Aligarh, Jhumri-talaiyya, etc? What is the point of talking about Bihar's per capita income when we are ALL city dwellers? That is a complete different universe that has absolutely nothing to do with our daily existence or with the RE prices in metros or how much our maid charges or even the price of vegetables. Even as far as vegetables are concerned, all the money is being made in the cities by the middle-men and traders. The farmers in the villages are still living in their own stagnant universe. The price increase in vegetables has made hardly any difference to them.

One more thing: Why do we always compare ourselves with the really advanced countries like US, UK, Germany, etc? It is a pointless exercise as the disparity is so huge. However, it DOES make sense to compare ourselves with other economies similar to us in terms of population, growth, economic size and development. Why don't we ever compare ourselves to a Brazil or Russia or China or Turkey or Malaysia or Indonesia or Ukraine or Argentina, for example?

Man, we can compare ourselves with Brunei that is floating in oil and where nobody pays any taxes, and we will never manage to reach that level (in the next 50 years). We can use any ridiculous example and say that "we will never get there in 100 years". That's such an easy thing to say.

Venkytalks

We are equally far far faaaaaaaar behind most of the countries you name. All of them have spanking clean cities with every modern amenity. Mean annual income is about 10,000 dollars per capita or more in most South American and East/SEast Asian countries as well as East European and Russia.

Even China is 3500$ on their massive base and have fantastic cities.

India is the dirtiest and the poorest. Only Bangladesh is behind us.

The filth in our country is unbelievable. Its a shame that we are calling ourselves incredible - outsiders will say - Incredibly dirty India.

Now we are calling them for Commonwealth games and showcasing our filth.

Bula ke dikha ne ki kya jaroorat thi?

enduser

But we are far ahead w.r.t to RE prices and may be Pune RE players could be one amongst the richest in the world

asliarun

You, sir, are quite disillusioned with our country!

Based on purchasing power parity, India has a per capita GDP of about $3000 USD. Yes, we are at the bottom of the pile, although China is only at about $6500.

(Source: http://en.wikipedia.org/wiki/List_of...%29_per_capita)

Indonesia, Phillippines, and Pakistan are some of the other populous countries with similar GDP figures.

Where things get really interesting is if you look at the GDP figures of world cities.
Reference: http://en.wikipedia.org/wiki/List_of...tral_.26_South

Mumbai and Delhi have GDP figures comparable to many other cities in developing AND developed countries.

I'm not a financial analyst or economic expert, but it does look like our cities are hugely richer compared to our rural areas. Hence, the national level statistics and fundas that we apply are really not valid.

Shanghai, as an example, produces $233 billion revenues vs $208 billion produced by Mumbai. Plus, we are only talking about white money. So, Mumbai may be dirty and crumbling but sure does know how to make money! Mumbai and Delhi's per capita income is almost $11000, which is way higher than the national average of $3000.

Compare to Shanghai with a per capita income of $15500, Cairo at $12000, Manila at $13000, Bangkok at $17700. We are really not doing too bad!

ash7979

Arun, You are really Good at numbers & I think with Google as well!!!

If we have so much money, then why we always looks Poor,Dirty, Depressed??? If Mumbai has produces equal to shanghai then why we have old & crumbling transport system & why shanghai has 400 Km/hr train???

Every time Congress come to Power in maharshtra, why they always says that we will make Mumabi next shanghai...Actually reality is that, how much money Indian cities has, but all indians cities are over populated with Most Corrupt Municipal Corporations of the WORLD....So, we TOP at least one thing in the WORLD & that is Corruption...So No point quoting such figures, until this money reaches out to everybody, who is living in Mumbai, Delhi & other Indian Metros.