4 Ps of Marketing - In Indian context which one is the most important ?

4Ps of marketing are :
1. Product
2. Price
3. Place
4. Promotion
India is a developing country. Money is the determining factor for the marketing of any product. So as i think price is the most important factor in Indian context. Indian customers are price sensitive. They prefer good quality product at reasonable price. More than 50% of Indian population comes under medium & low income group. They are very much price sensitive because their income is limited.
Now a days due to globalisation & improved economic condition of the country customers are also becoming conscious about the products. Among the high income groups quality of the product has a more important role as compared to price.