IIT Kharagpur alumnus sparks debate with claim of Rs.20 lakh annual cost of living for family of four in Metro city

An alum from IIT Kharagpur ignited a discussion on X by asserting that a family of four requires ₹20 lakh annually to sustain themselves in a metro city, excluding luxury expenses. 

This statement has prompted varied reactions, with some disputing the necessity of such a high budget for basic living expenses. The breakdown provided by the alum includes rent or EMI, school fees, food expenses, and travel costs among others, totalling to the specified amount. 

Family of 4 Expense in Metro city in India is 20 lakh per year. No luxury expense added. Details are as follows: pic.twitter.com/eAXmVS0j2O

— Pritesh Kakani (@pritesh_kakani) April 14, 2024

The post has garnered significant attention, amassing over 8.3 lakh views and stirring debate among users.

Living in a metro city in India offers numerous opportunities but also entails higher living costs, sparking a recent debate ignited by an alumnus from IIT Kharagpur. In a post on X, the alum claimed that a family of four requires ₹20 lakh annually to cover basic living expenses in a metro city, excluding luxury expenditures. This assertion has triggered discussions among users, with many expressing scepticism about the perceived necessity of such a substantial budget.

Pritesh Kakani, the alum, shared a breakdown of expenses for a family of four, detailing monthly and yearly costs. According to Kakani’s analysis, the annual expenses include ₹4,20,000 for rent or EMI, ₹4,00,000 for school fees, ₹1,20,000 for food, and ₹1,50,000 for travel within Asia or India, among other expenditures. 

While some users echoed Kakani’s sentiments, agreeing that living costs in metro cities can be substantial, others contested the notion that ₹20 lakh annually is a prerequisite for a family of four to sustain themselves. 

“You are bang on. It is the minimum, I guess,” posted an individual.

Another added, “I never knew dogs and cars were necessities. If you don’t own a home, you should not buy a car on EMI. Personal Finance 101.” 

To this, Kakani replied, “Car is a necessity in Indian metro cities. Dog expenses are just 6K every year; ignore them. Owning a home is a long process; one cannot postpone a car for it.”

The debate continues to unfold on X, with individuals offering varying perspectives based on their own experiences and circumstances.

One User Recalculated:

“Luxury expenses: 1) Car EMI + maintenance + insurance 2) Asia/India trip 3) Apparels/Footwear/Accessories – one-time thing for a year. Not every monthly thing. 4) Restaurants 5) Maid + Urban clap 6) Hotels 7) 2 bikes 1 is enough. 8) OTT – pirate it using WiFi internet 9) Beauty products 10) Beauty parlour 11) Dog 12) Mobile is added twice 

Now recalculate. The real problem is that rich people have started feeling poor thinking their life filled with luxury is not luxurious”

The discussion sparked by Kakani’s post sheds light on the diverse perspectives surrounding the affordability of living in metro cities in India and underscores the importance of considering individual financial situations and priorities when assessing the cost of living.