Is threatening to quit a good tactic to get an increment?

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Depends on your position and company 😅

Not really unless you frame it as having another offer in hand. And even then you should probably actually have an offer because that doesn’t always work.

It depends on project dependency on you..i

If your teammates are leaving or if you are very critical.

Don't threaten just prove your significance. Always move polite also focus on doing on what you actually do

Threatening to quit not going to take you anywhere, if you want to continue with your current organization.
Best way is to get a offer and negotiate, this also depends on how critical resource you are for that project based on Organization prospective.

Nope

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