Billed as a trendsetter for the smartphone market in India, at USD 399 (US pricing), the device will be available in India for Rs 39,000 (retail price) which is within premium segment in India for smartphones so the question of its being the cheapest iPhone ever does not hold any truth.

The first big disappointment is that although the smartphone has been designed for the emerging markets, it has not been made available in the first round in the fastest growing and one of the largest emerging markets – India.

"By making it available in the first round itself in the country, Apple could have indicated that the Indian market is high on its priority list. Though the company had mentioned about the significance of the India market for it, not including it in the list of the countries where iPhone SE would be made available first is definitely a big turn off," says Faisal Kawoosa, lead analyst with CyberMedia Research (CMR), a market research firm.

The 64 GB version of the phone will come at USD 499 while the 16 GB model will cost users USD 399 (US price).

It will be available in four colours including sleek rose gold, the company announced during its special 'spring lineup' at the packed auditorium at its Cupertino, California-based headquarters, earlier this week.

The iPhone SE is a mix between the iPhone 5 and iPhone 6 generations of devices with size and design of iPhone 5S and the specs and capabilities of the iPhone 6S.

The iPhone will have a 64-bit A9 processor and M9 motion co-processor. The camera is also carried over from the 6S; it is the same 12-megapixel iSight camera with a true tone flash. With its new image signal processor it has the ability to shoot Panorama up to 63MP, 4K video (1080p up to 60 fps) and slo-mo up to 240 fps.The phone is claimed to have an improved battery life, Bluetooth 4.2 and new microphones.

Apple has also launched a new lightweight 9.7-inch iPad Pro which is touted as 40 percent less reflective than an iPad Air 2.