Not asking for ₹199 annually. But something like ₹999 for a year or maybe give an option to get it as a bundle with Amazon Prime. ₹199 per month is too much for just audiobooks in my opinion. Maybe at some point in the near future they can charge ₹199. But this is not the time.
Like in case of video streaming, they gave Prime for ₹999. Which was a steal with all the other benefits. This made people of India familiar with the OTT world. And now even after 50% price hike, people are happy to subscribe. They can do the same for Audible.
Anyways, this is just my opinion. Obviously they understand the market and business more than me.