Choosing a location: Mumbai vs Singapore vs Frankfurt

Location decisions are mostly about where your players are at 9 PM local time, not where the server is cheapest to run.
Indian communities
Mumbai gives 6–14 ms across most Indian ISPs. Delhi shaves a few ms for north-India players and is slightly worse for the south. If your population is heavily Indian, do not host in Singapore to save ₹50.
SEA and Oceania
Singapore is 35–55 ms for India and 90–120 ms for Australia. Good compromise if you have a mixed population.
Europe
Frankfurt is the best-connected EU PoP and 110–130 ms from India. London is similar with slightly better UK pings.
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