Yes, but China only became rich enough that lots of wealthy young Chinese could be buying iPhones recently. I do not think it would be unreasonable to make the same bet on India being a decade or two behind.
" benefited from periods of global growth" -> China had incredible post-2008 growth, that is a large part of why there are so many people buying iPhones.
> India has different politics
What do you mean? It's more inequitable than China and has more political capture by private actors, but I don't see why the same couldn't occur in India.