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Purchasing power in India is MUCH MCUH less than US/Europe or even Russia AFAIK, it's only logical that games SHOULD be cheaper.
We already get cheaper games on retail / origin / physical uPlay games. If steam were to do something like increasing the price, they'd loose all thier Indian customers.
Piracy in India is a huge issue right now, people don't buy games digitally because when they try to surf the web online they see "The Witcher 3: $60" and just close the browser because it's available in retail for only $25 (with extra goodies).