That is really cheap, the other vaccines are many times more costly so this could be the only option for the government of India to vaccinate most of its population, however we must not only look at the cost India is such a huge country that reaching everyone is going to be difficult so we need to know at which temperatures the vaccine needs to be maintained so it does not lose its effectiveness along the way, after all if it needs the same temperatures as the vaccine of Pfizer then even at the low cost it may not be worth it.
From what I have heard, the vaccines from Pfizer needs to be stored in ultra-deep freezers, where temperatures of -70 degrees need to be maintained. But that is not the case with the two vaccines that are being used in India (Covishield from Oxford/AstraZeneca and Covaxin from Bharat Biotech). These two vaccines can be stored with regular refrigeration. The question is regarding the efficacy, and not about the cost or the logistic issues. The phase III trials for Covishied showed an efficacy of only 62%, which is far below the 95% level reported for Pfizer and Moderna. And the second vaccine (Covaxin) is yet to complete it's phase III trials.