Why is Mi increasing mobile phone prices in India?

Alright, here's the scoop, folks! Xiaomi, or as we fondly call it, Mi, is hiking up its mobile phone prices in India, and I can't help but picture my wallet crying in a corner. Some say it's due to the increase in GST, others believe it's the cost of imported hardware components giving us all a run for our rupees. Or maybe, just maybe, Mi phones realized they were too good for us and decided to play hard to get! Whatever the reason, our beloved Mi phones are now playing the 'pricey' tag!