This is in line with the pricing – the iPhone 14 and 14 Plus, which I assume are (or will be) made in India, are priced not too far from a straight USD conversion. They’re still more expensive than they ideally should be if made in India, but the premium isn’t too high. The iPhone 14 starts at around $982 here.
The Pro models on the other hand – which are not made in India but imported as whole units – are priced astronomically higher. The iPhone 14 Pro costs the equivalent of $1,600 here, and the 14 Pro Max is $1,720 or so, which are absolutely stupid prices that make no sense.
The S22 Ultra is $1,300 listed price, for example, and can be had for quite a bit lower by now.