Reportedly, Apple is preparing to release a new cheaper iPad in India, along with the iPhone SE 5G and iPad Air 5. The trio have already been certified for release in Europe too and could debut at Apple's spring event.
https://www.notebookcheck.net/Apple-rumoured-to-be-testing-a-new-budget-iPad-iPhone-SE-5G-and-iPad-Air-5-in-India-ahead-of-spring-launches.597271.0.html