The /ɪ/ vowel is the underlined vowel sound (in my dialect) in ink, hymn, luggage, pretty, wanted, women, sieve, busy, foreign. It is the first sound in many words, such as India, if, ignore,impossible, in, Israel.
The /i/ vowel, not a recognised phoneme of English, is a shorter, weaker version of the phoneme /i:/. /i/ is the sound produced by many speakers for the letter y at the end of such words as pretty, happy, unfortunately, badly. No words start with that sound.
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