Here are some rough cost of living numbers comparing Mumbai and NYC -  some research was done but this is mostly anecdotal based on my experiences.  The below monthly expenses assume you are living very well.  I am erring on the high side.

Item INR/USD Cost in India

INR/USD Cost of Item in NYC

Apartment Rent (Assuming a nice 2 bedroom, 2 bathrooms, fulltime watchman, balcony) 45000/900 per month (in Andheri) 150000/3000 per month (in Midtown)
Domestic Help (Cook & Maid) 6000/60 per month (7 days a week) 1500/25 per hour
Driver 8000/120 per month (6 days a week/12 hours a day) 1250/25 per hour
Dinner + few drinks in Top restaurants (5-stars) 2000/40 per person 5000/100 per person
Weekend trip (travel + accommodations) To Goa: 7500/150 per person (offseason) To Miami: 30000/600 per person
Cell Phone (expensive data plan + plus a few hours of talktime to US/Europe) 2500/50 per month 3500/70 per month
Cable TV (200 channels) 400/8 per month 2000/40 per month

Item INR/USD Cost in India INR/USD Cost of Item in NYC
330ml can of Coke 20/.40 62.5/1.25
A meal at a decent Restaurant 200/4 600/12
Movie Ticket 180/3.60 512.5/10.25
Big Mac at McDonalds 65/1.30 125/2.50
Levis Jeans 1800/36 2000/50
Levis T-shirt 600/12 1000/20
Visit to a specialist in a great hospital 600/12 10000/200

Estimated Monthly Expenses INR/USD Cost in India INR/USD Cost of Item in NYC
Apartment 45000/900  (in Andheri) 150000/3000 (in Midtown)
Driver, Maid, Cook 6000/60 Yeah right
Cell Phone 2500/50 3500/70
Internet/ TV 750/15 3000/60
Eating out and drinking 3 nights a week 12000/240 30000/600
Movies once a week 720/14.40 2050/41
Groceries (monthly) 7500/150 15000/300
Clothing & Shopping (Assuming a few new pants and shirts a month) 10000/200 15000/300
One long weekend trip (including Flight accommodations) 10000/150 30000/600
TOTAL 88970/1779.4 248550/4971

If anyone disagrees with me here, feel free to comment and let me know how this can be improved.

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