Is iPhone really cheap in US compared to India?

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Yes. Let us compare. Here is the price of latest iPhone 6S if you buy it in US:

It’s 680$ = Rs. 66.52 * 680 = Rs. 45233


Whereas in India the same phone with same configuration cost Rs 50, 899:

That’s Rs 5, 600 or 12.5% more in India than US – For the exact same piece. Note that due to recent surge of $-INR conversion rate the difference in price has reduced a lot.

Following image [1] shows the IPhone 6S price around the world (in $) and we can observe that in US the price is extremely low.