India has been ranked second cheapest country in the world to live or retire, according to a recent survey of 112 countries.South Africa has topped the survey as the cheapest country to live or retire.Contries were ranked on local purchasing power, rent, groceries, and consumer price index metrics.With the second lowest rent index among the 50 cheapest countries (after neighbour Nepal), living in India can be cheaper compared to most of the countries.India also has a relatively high local purchasing power in the major cities that were surveyed.