India has habit of being at the golden opportunity than missing it completely.
The problem with India is that internal demand for products is negligible, people aren't spending, everyone's saving! And a lot of people don't have employment. It's overburdened by taxes.
Country has many manufacturers but no retailers willing to sell the produce.
Country is developing very fast, when you can't buy pvc pipe, MDF, custom cut glass online?
There is no company selling screws online in India, strange!
Local businessmen do not want to take any risk.
When internal demand and supply is dead. Opening market for iPhones gonna put downward pressure on currency.
I am not saying, it's a bad move. It's welcomed move, I suggest India open its market for foreign manufacturers and companies, so that they are able to sell here anything duty free.
But this will lead to a massive correction on the currency value which is long overdue.
If currency loses it value entirely, I think the government will mandate private household gold be sold to the government at fixed rate set by government which will be used to pay for gas/petroleum import once the currency tanks.
India's currency will definitely tank if it opens itself up.
But there is massive amount of household gold which can be used to support the currency and bring it back up.
This will honestly make people more equal specially in country where there are many havenots, strengthening the currency should be lot more important.
Annexing private gold holding should be next big step after demonetization.