Apple Inc. may be reverting to its fourth-generation iPhone to trigger sales in India, according to a new report.

The Economic Times reports that Apple has encountered lower than expected smartphone sales in India while Samsung continues to overwhelm the competition. As a result, Apple is reportedly planning to remake the 8GB model of the iPhone 4 in India.

In regards to prices, the iPhone 4's cost may be cut to Rs. 15,000, which is approximately $243 when converted to the U.S. dollar. The price is down from the original Rs. 26,500 for the iPhone 4, or $431.

"While there is still a latent demand for the iPhone 4 due to its attractive price in India, the model has lost [favor] in matured markets and hence it may not make sense for Apple to start fresh production since it follows economies of scale," said a senior executive at a top Indian electronic retail chain, via The Economic Times.

Apple stopped production of the iPhone last summer in preparation for the iPhone 5c and iPhone 5s.

"Apple's iPhone 4 8GB model used to rank amongst the top three selling models by unit sales and fight neck and neck with Samsung, but with its exit the company lost much ground," a electronic retail senior executive stated.

According to the report, Apple's market share in India peaked at 4 percent between October and December 2012 but dropped to 1.4 percent by October 2013. Samsung, however, saw its market share increase to 42 percent, a double-digit increase from the 33 percent in late 2012.

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