Ever since the promo (1st year) pricing which had some registrars selling regs at Rupees 99 or less per year was removed, dot IN renewals have tanked..IMO That is not the only reason i.e. cost of carry however just saying.
Some keyword and two word names are simply not being renewed..hence IN...
Supremely famous single-character domain:
Is it cheap? US$60,000.
internet size & user base hugely increasing, beyond English abcd...
We see resale possibility to the right Indian buyer at US$100,000. to $200,000+
What possible price in 2020? HUGE