In the 70s, Steve Jobs came to India seeking spiritual enlightenment but found more poverty than he imagined, which was incompatible with its air of holiness. Struck by reality, he returned to the US and founded Apple, which gave the world the iconic iPhone among other products.
On April 18, 2023, India became one of only 26 countries that have an Apple store, but also has the lowest per capita income among them.
Less than half of Brazil's average income
At $7,130, India's per capita income is also 50 per cent less than that of Brazil, which has the second-lowest figure at $16,000.
The fact that India is getting an Apple store before Vietnam, Indonesia, and South Africa which have higher per capita income, highlights economic inequality.
The distribution of wealth is so unequal that expensive Apple products have a significant number of buyers, despite the average income of each Indian being low.
In the country of 140 crore, about 15.1 crore smartphones were sold in 2022, of which 60 lakh were iPhones.
Compared to that, 1.66 crore smartphones were sold in Japan, which has a population of little over 12 crore.
Lowest market share despite highest population
India also has the lowest market share among top five markets for Apple, despite being the world's most populous country.
At more than $100,000, Singapore has the highest per capita income among countries with Apple stores.
In India, earning Rs 25,000 a month puts people in the top 10 per cent of the country.
This puts a device available at a starting price of Rs 60,000 out of reach for a vast majority of the country, while some can afford it in monthly installments.
