San Francisco, March 21 (IANS) Confirming leaked media reports, Apple on Monday launched its first-ever cheaper and smaller yet powerful iPhone SE especially for the emerging markets like India and China. The 64 GB version will come at $499 while the 16 GB model costs $399. As powerful as iPhone 6S, it has a 64-bit A9 processor and the M9 motion co-processor and will be available in sleek rose gold colour, the company announced as its special "spring lineup" at the packed auditorium at its Cupertino, California-based headquarters. The iPhone SE will be available in 100 countries including India by the end of May and will go on full sale on March 31. The company also dropped the price of it Apple Watch to $299 (Rs.19,295). Last year, Apple sold 30 million 4-inch iPhones.