iPhone SE is at a full 30% premium price as compared to US. So a product priced at the magic price point of INR 27500 is instead at a prohibitive ~ INR 40000 which most consumers in India will balk at.
The SE will sell massive volumes in India if the pricing matches the one in US - but at the current point its very uncertain looking at Indian consumer landscape.
Your footnote is still missing the context. The iPhone 5c launched at Rs 41,000 back in 2013 too. While the SE is obviously a better value than the 5c was, it is still priced out of reach for most people and the impact will be marginal in international markets. More likely it will result in more of the Indian elite getting the SE, instead of the 6s, resulting in a lower ASP.
The SE will sell massive volumes in India if the pricing matches the one in US - but at the current point its very uncertain looking at Indian consumer landscape.