Somewhat, but rocket engineering has some upward cost pressures that offset the savings from being in India: expertise is expensive even adjusting for the cost of labor (many staff are likely competing on salary with the rest of the world--rocket engineers/scientists are in high demand with lots of likely sponsors for immigration); aerospace materials/fabrication have a pretty global supply and patent chain even given how big and diverse India's industrial base is; safety and engineering tolerances are incentivized to meet global standards (many prospective launch/payload customers and investors are international), and so on.
I'm no expert, but I suspect that even if you apply a generous discount for being in India, Skyroot's economics are still quite impressive.
I'm no expert, but I suspect that even if you apply a generous discount for being in India, Skyroot's economics are still quite impressive.
Edits: clarity