If the initial price for the iPhone 3G in India seemed high, there may be relief on the way.

According to Macworld UK, Apple may cut as much as 15% from the price of the handset in India.

Initial reports have stated that sales for the device have already tapered off, mostly due to the fact that Apple is charging 31,000 Rupees (US$700.64) for the 8GB moedl and 36,000 Rupees (US$813.65) for the 16GB model.

As a result, only 5,000 units have reported to have been sold in India, though neither of Apple's carrier partners in the region (Airtel and Vodafone) have been able to confirm this.

Anshul Gupta, principal analyst with Gartner, has stated that a price cut is inevitable: "At current prices, we expect iPhone to sell primarily among those who cannot wait for Apple or the operators to cut prices," he said. "It will be a volumes game then for the operators to clear out their stocks before Apple announces a new version of iPhone."

There are currently an estimated 30,000 first generation iPhone users in India within a market of 260 million mobile phone users within the country.

If you're around India and can provide firsthand reports, please let us know what's going on in the comments or forums.