Why are iPhones in India EXPENSIVE?

The iPhone 16 costs ₹79,900 in India, while it costs only ₹66,700 in the US, ₹77,252 in UAE and ₹75,806 in Thailand. Currently, India is one of the countries sitting on top of the iPhone pricing charts around the world. But why is it so? And that too after Apple just launched its first set of offline stores in India? Apple is also the sole biggest contributor to smartphone manufacturing in India under the Make in India scheme. Yet, instead of subsidized rates, all we get is a high price point.

So, what's the root cause behind iPhones being crazy expensive in India?