Automotive_site - 8:23 pm on Jun 8, 2011 (gmt 0)
You probably think everyone is dirt poor in India. Things have changed greatly in the last two decades. Today, $100K will only buy you a semi-decent 2 bedroom house in Mumbai, Delhi and other major cities in that country, and that's not even in the posh areas. In fact, Mumbai is right up there along with cities like London, Tokyo, New York in terms of property prices.
The country is soon to surpass Japan as the world's third richest nation in PPP. The world around us is changing a lot faster than we think, even if some of us are completely oblivious to them.
I can tell you for certain that $20 is not the equivalent to $1300. It may be in exchange rate (you may get 1300 Rupees for $20), but no way would $20 stretch to $1300 in terms of direct equivalent value, not even close I don't think.