The FUD continues.
India is not banning bitcoin as an asset class as many have eluded to. Many news outlets find that this angle is far better for attracting clicks.
India is looking to ban bitcoin as a method of payment. Meaning they are just trying to protect the interests of their future CBDC. People in India will NOT be banned from buying or selling bitcoin. The government has NO interest in banning bitcoin as an asset.
Source:
https://blockworks.co/india-crypto-ban-about-payments-not-the-asset-class/
Just like China, India is also a developing country, and it may be like China in the future. They are not waiting slowly for withdrawals outside the bank, but banning BTC is not the best choice or way for their country to solve the problem.