Unlike North America, iPhone in India has been a total failure because of the high price.

Now an analyst report has suggested that Apple could release a new low cost iPhone 3G model in countries like India and China that will run on the 3G network but won’t have support for Wi-Fi.

That could reduce the entry cost for buying an iPhone here but 3G networks aren’t available everywhere in India yet so one may still have to rely on the expensive data plans of Airtel or Vodafone for Internet connectivity so, if you are a heavy web user, it won’t really make a huge difference in the long run.

The same analyst has also predicted that Apple will release a new version of iPhone 3G with 32 GB storage capacity but only for the markets of North America and Europe.

In any case, if you are planning to buy an iPhone somewhere in the near future, it may be a good idea to wait until June because that’s the time when Apple generally announces new models.