The purchasing power of Rs 1 crore has significantly decreased due to inflation and high living costs, particularly in metro cities like Mumbai, Delhi, and Gurugram. A post by an X user, Akshat Shrivastava, sparked a heated debate, highlighting the inadequacy of Rs 1 crore to buy a decent house in these cities or fund international education for kids.
In his post, Akshat pointed out that Rs 1 crore is insufficient to buy a liveable house in Mumbai, Delhi, or Gurugram, and commuting from the outskirts would be necessary. He also mentioned that the amount is not enough to send kids abroad for a good MBA program or to international schools in cities like New Delhi.
His post read, "You can't buy a house in Mumbai, Delhi, or Gurugram (at least not a liveable one for a family). You could look at something on the outskirts (maybe). And commute for hours. You can't send your kids abroad to study at most MBA programs abroad, barring a few countries or if it is a public university. You (maybe) can't send your kids to international schools (not kidding, in Delhi, British School the donation for a class 1 kid is 95 Lakhs)".
Akshat's post sparked a heated debate on the microblogging site, with some users agreeing with his assessment and others offering alternative perspectives.
One individual pointed out that Rs 1 crore could still provide a good life in tier 2 cities and that not everyone wanted their kids to go abroad for higher studies. Another user suggested that the interest earned on Rs 1 crore could provide a comfortable rural livelihood.
Despite the differing opinions, Akshat's post is a reminder of the harsh reality of the eroding purchasing power of money.
