Instagram is surely an important social network today. And with FB acquiring and integrating a lot of facebook features with instagram it has become much more powerful for marketers. Like while running facebook ads you can include instagram as well, for Indian audience i have experienced the CPC rate on Insta ads are somewhere 7-8 INR which is quite low. Also with engaging content (Images) you can make your profile more engaging and rechable to your target audience. It is one of the most important Social Media channel for Fashion & entertainment industry today.
We recently did a blog post on how to earn money via Instagram. You may like to read that as well.
>> 5 ways to use Instagram to make money