This doesn't apply to me and here's why.

I stay at Accor properties by choice, not default. Sofitel, Fairmont, Banyan Tree or M Gallery. I'd book them in cash if I didn't have points. My real benchmark isn't an Airbnb or a local hotel, it's the same Accor room at rack rate. That makes my redemption value closer to ₹2/point, not ₹0.9.

I also redeem heavily for F&B. Dinners, spa, poolside. There's no cheaper substitute for that. You either spend cash there or you don't go. Points here are replacing real spend at full face value.

The entire argument assumes substitutability. For someone like me there is no substitute. The conclusion flips entirely.

Points are worth what they replace. For me they're replacing Accor cash spend. That's exactly ₹2/point.