Indian demographics is FAR worse than China's going forward. Her demographic divident is mostly done / wasted - the few affluent and educated states are aging out, massively overpopulated, under-educated and poor states are younger but have little prospects with atrocious labour particapation rate. That's a far bigger recipe for disaster than PRC who at ~5x per capita wealth and massive savings rate to manage demographic transition.

Reality is, India demographics is less blessing and more curse, she has to tackle a far larger overpopulation crisis with fewer resources and opportunities. Her economic growth / ability to generate new jobs has rarely kept up with population growth, and with automation, offshoring spreading out to smaller countries, there won't be same amount of manufacturing jobs to elevate India as it did PRC. India looks to be destined to get old while staying lower middle-income VS PRC who will at least enter high income. And once the old start dying in PRC , there will be huge amounts of generational wealth transfers that analysts predict will increase / sustain highend consumption. What Apple is really anticipating is being squeezed out due to geopolitics and rise in domestic PRC luxury brands.

That said, still India has 1.4B people and aggressive tariff policies to encourage local assembly / sales, but in terms of market power, there will be more high income PRC nationals vs Indians for Apple tax tier products, and that won't meaningfully converge unless India goes all in on income disparity.