Not for everyone probably, but if it'd be easy for me, I'd go for it.
and it's at namecheap, too, with whom I haven't historically had the greatest experiences
India makes the rules for .in, for example, and noone else gets much of a say. There's a registry, NIXI, and there are contracts between the registrars and NIXI, and between the registrars and registrants. I would expect the contracts involving NIXI to be under Indian law, and most registrars choose their home country for their customer contracts.
So if you use Gandi to register a .in domain, you have a French contract with Gandi and Gandi an Indian contract with NIXI. Gandi also has a contract with ICANN (all ICANN-accredited registrars do) but that may or may not matter for India; the Indians decide that.
The same applies for other countries. Gandi offers .ga domains, for example.
Your domain is as safe as the contract law of the two countries involved.
Some countries allow almost anyone to register domains, others make different rules. Some/many allow people in the country to register domains, but disallow foreigners in order to simplify name choice for their own residents, for example.
I know someone who registered a .no domain by lying about something, and lost the domain unceremoniously when the registry found out. And of course a few hundred thousand brits lost their .eu domains when they left the EU.