It’s debatable if life is really cheap in India. At any rate death is not. It might come easy as the old folksong goes but it isn’t cheap if it comes before its time.
There are many methods of estimating costs from the death of a citizen of working age. Under any of these methods, India loses vast amounts because too many people of working age die untimely deaths.
One standard method of figuring out such costs is to estimate lost output - if a 25-year-old dies, we may assume that he or she would have worked another 33 years on average and amortise the estimated loss of productivity.
Another method is to extrapolate costs from insurance (life, medical and vehicle) claims. A third method is to estimate "willingness to pay": how much would the dead person's dependants have paid to keep him or her hale and hearty? That's a proxy for output loss.
Read Devangshu Datta's analysis, to uderstand this distressing story.
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