Only 65% of the value, and tbh, the R&D is in China, and most of the data collection that mi does benefits China much more than India. Hard to call it a phone "By India For India."

Xiaomi / Oneplus are ~50% of the cost of Samsung/Google/Apple phones

people that buy Chinese phones won't buy Apple, maybe Samsung if they have no choice, with this Chinese phones you have good value deal.

Xiaomi phones are better and cheaper than Samsung, Google, and certainly Apple equivalents. The Mi 10 Ultra is ~780$ and is just flat out better than a 1200$ phone from Samsung, including the best camera of any phone bar none.