India's newest iPhone prices hurt the people selling them, buying them and even taxing them

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Apple's newest iPhones landed in India with price hikes as high as 41%. And for the first time in years, there was no discount on older models to go along with it.The memes pretty much came immediately. From selling kidneys to choosing between buying a phone or an Alto, a Royal Enfield or a vacation. People also couldn't help but notice that Apple's first foldable, the iPhone Duo, costs a lakh more in India than it does in the US.But Apple is just a symptom of a larger problem. A global memory chip shortage is squeezing every phone maker and India's own tax structure is making it worse here than almost everywhere else. It's costing consumers, retailers and even the Government, which is slowly losing tax revenue to the grey market the price difference between India and elsewhere creates. On this episode, host Rachel Varghese explores why India got hit the hardest and what happens when the workarounds like cheaper 4G phones, secondhand devices, and EMI, run out of road as well.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.