Yes. Let us compare. Here is the price of latest iPhone 6S if you buy it in US:
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  shows the IPhone 6S price around the world (in $) and we can observe that in US the price is extremely low.