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It is not the numbers on the notes that matter, it is the loss of purchasing power.

In 1995, 1 USD = 32 INR.

In 2022, 1 USD = 75 INR.

Add to that the fact that USD is also losing value itself.

Saying “devalued”, OP referred to the Nov 2016 demonetisation of INR 500 and 1000 currency notes that happened in India.

Correct, thanks for pointing that out, I edited the original comment.

There are many things that happened in the global economy, banking, supply chains and multinational corporations.

How much of this change is the fault of Indian government?

Judging by the money supply increase, inflation should have been even higher. Looks like velocity is tanking.