Apple is working on a cheaper version of its popular iPhone that could be released this year, if a Wall Street Journal report is to be believed. If the company is able to maintain the same quality of iPhone at low price, India may emerge as its one of the biggest market.

“India is a price sensitive market. If Apple is able to offer low cost iPhones, it may capture the market and give tough competition to Samsung, which is quite popular,” said Indian head of a large overseas phone manufacturer.

The report does not say what will be the price of the new phones. It is also not clear that what would be the right price of a smart phone in India. Currently, smart phones constitute less than 10 per cent of the total mobile phone market in India.