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.
Edits: clarity
My cousin is an aerospace engineer and works in ISRO (Indian space research organization), its impressive what they are doing but I'd like to chime in on a few things.
I am unsure about private salaries but in govt. jobs, because it follows a rigid structure, the salary is still lower than what you might expect and is around the mark of 20-25 thousand dollars per year. It's similar to administrative services or depending on the position, equal to teachers/professors .
I have heard my cousin say that its hard for people to move outside because for example SpaceX/NASA couldn't hire non-American person because of laws and regulations due to security purposes.
From what I know, my cousin actually got some job offers when he had gone to give a speech recently from Management companies
20-25k$ in India isn't bad but strictly speaking, Computer science earns comparable in India at the same level.
The value of the job is mostly in govt rather than private and the benefit of it is that the work is much less stressful rather than private companies stress and just like how NASA has some prestige attached to it in America, same way goes for ISRO in India.
> rocket engineers/scientists are in high demand with lots of likely sponsors for immigration
I wouldn't be too sure about the immigration part, when even a software engineer hire for a defence/defence adjacent job requires jumping through a number of bureaucratic hoops of security clearances. Even the companies with deep pockets don't always get the best people in the world -- they just get the best people that HR can actually hire.
Rocketry is tightly controlled by ITAR, so mobility is lower than you'd expect for a high value field.