The 7th edition of iPhone 

People spending ₹70000 for iPhone shows 

1. People have got lot of money to spend

2. People have got tremendous low iq 

3. Both 1 and 2 points are correct. 

IPhone is quite good phone but no matter what fanboys say or believe, spending so much on one fragile piece of hardware that gets obsolete in 1.5 years is totally unwarranted for. 

For less then half the price we get an awesome oneplus 3 and for 1/10th of price we get xiaomi android phones that provide quite usable functionality –  and a fm radio too that iPhone still does not have, a dual Sim facility that iPhone users can dream of, expandable memory that iPhone will probably never have. 

Whatever. Burn your money the way you want to 😉