Apple is no doubt one of the most profitable company in the world and there was never a cheap iPhone. However, with iPhone SE series apple tried to provide budget friendly iphone and this time with iPhone 3rd generation, Apple is giving powerful hardware which is as comparable to their flagship iPhone 13 series. With price tag of INR 44000, it is not cheap by any mean but comparing with other iPhone, its cheapest.
However, if you look at design , it is clearly in the body of iPhone 8 being utilized by Apple in SE series. The phone has 4GB of RAM which is adequate for modern day given Apple iOS is quite efficient and doesn't need lots of memory. The last generation of Apple iPhone SE had 3GB of RAM, hence new gen comes with 1GB of bump in RAM.
iPhone SE (3rd gen) specification)
Storage 64GB 4GB RAM, 128GB 4GB RAM, 256GB 4GB RAM Chipset A15 Bionic Camera Main Camera: 12mp
Front Camera : 7mp
Charging Fast charging 18W, 50% in 30 min IP rating IP67 dust/water resistant
iPhone SE 3rd gen comes with time tested iphone 4.7 inch display but has thick bezel like iPhone 8. It has 18W fast charger and claims to give 50% charge in 30 minutes.
Essentially it may be a good for for first time buyer those to want enjoy Apple yet not at very high premium , still not cheap though .