My impression of India was that up could either easily afford the iphone or you were in the market for a budget phone. Not much middle market. Is that a correct assumption?
The mean income of the 90th percentile in India in 2004 was about 113 USD a month.[1] In the next 4 years the GDP has increased ~4x. [2]
Now even if we assume (I don't have data from a study on this) the 90th percentile income doubled, it leaves them with 226 USD a month.
I can say from personal experience that is a modest assumption. My own salary has increased 40x in this time period. If you consider my friends (a sample space of 30) whose salary I keep track, the average increase is around 20x.
Now it is very reasonable (as the phone has become a very personal "being") to assume that someone in this income will spend a month of their salary on their phone.
Now that is a market size of 120 million people and increasing.
On a personal note, I run a operations company of ~40 people and their average salary is ~300 USD a month and everyone has a phone that costs more than 200USD.
So I think it's reasonable to assume Apple is still missing the bus.
[1] https://ihds.umd.edu/sites/default/files/publications/pdf-fi...
[2] https://www.google.com/publicdata/explore?ds=d5bncppjof8f9_&...