It is a misperception that globally the price would be $200-$300 irrespective of the carrier/plan — it was ONLY that way, if the carrier was willing to subsidize the cost upfront, and then have the ability to recoup it in the form of monthly charges TIED with a CONTRACT for 2 or 3 years.
So from what I gather, it seems to me that in India, the customer is paying the full cost for the contract free phone ( I believe when that option is available in US, it will about $600-$700 here too). So what they are really overpaying is about $100 — which is about 15%. That seems to be the case with most high end electronics that you can get in India — it is about 15 to 25% higher in cost (which might have something to do with import and excise duties on the items)
So my deduction is that most of this outrage is created and fueled by iPhone/airtel/vodafone competitors trying to shoo away potential customers from getting one by making baseless comparisons, like the Indian customer is paying 3 times what the US customers are paying etc etc...