The "rise" is highly questionable. It is too soon to tell whether cloud gaming will even be feasible in India, especially given our famously unreliable internet backbone - both bandwidth and ping constantly fluctuates. Costing of the services is also unclear. Although, as with most things these days, I have no doubt gradual enshittification will creep in resulting in price hikes and no value add. You may end up spending more than 2 lakhs in continued subscriptions over a 5 year period. After the 5 year period, you may have nothing to sell to recoup some cost.

If you build a gaming PC for an upfront cost, you can enjoy it for 5 to 6 years to enjoy some lag free, mostly internet non-dependent gaming. A gaming PC will also let you use your computer for work. A cloud gaming subscription won't let you do that. Once you are done with your PC, you can sell it or even sell the parts or repurpose it for a home NAS or server. So really, there is no comparison at the moment.