Actually iPhones used to be a niche market in the past. But, not anymore. Although the cost of iPhone 5s might not get so low in such a short period. But, I won't be amazed if it goes down. Because now people have better choices with android and windows to some extent. Apple sales are plummeting. People don't see them as such a big status symbol anymore.
And they have to decrease there price ultimately to make them a attractive deal. IPhone 6 for Rs 60k is a not a very good choice now. However if that would have been in Rs 25-40k then people might consider it.