Although it hurts to see the .in domain registration prices triple or quadruple, I think it is a good move for the long term. These are the advantages I can see:
1. Increase the overall perceived value of .in domain in the domaining world. We generally value a higher price tag item more than a lower one.
2. Decrease competition. Most non-serious players will be out, and encourage the serious ones to invest more in quality domains.
3. Since we will now be purchasing our domains at a higher price, this will prompt us not to settle for less while selling our domains. It is ultimately we who increase or decrease the value of .in domains. And if we, collectively, raise the bar and agree not to sell our domains for peanuts, in due course we will help increase the overall value of .in domains.
4. Decrease spam. As prices increase, those who use .in domains to spam (and I think this is one of the main reasons why .in prices are increasing in the first place) , will start looking for cheaper alternatives. And this will help improve and even save .in reputation.