Apple has removed the Intel-based MacBook Air models from their India website and currently the M1-powered MacBook Air is on sale at the same price of around 1260$. It will have 8GB RAM, 256GB of storage and 7-core GPU version of the Apple M1 SoC. It also has the option to have 16GB RAM and up to 2TB SSD storage. 

The other variant of MacBook Air will give you M1 SoC with 8-core GPU, 512GB storage and 8GB RAM for around 1600$. The RAM and Storage are also configurable in this version. For both versions, once you choose it, and bought it, you will not be able to upgrade anymore. 

The Apple M1 is the first SoC for Macs that has been announced, and it can currently be found in the new MacBook Air, 13-inch MacBook Pro, and Mac mini. The M1 SoC is based on the ARM architecture, much like Apple's iPhone SoCs, and boasts of vastly better performance and power efficiency than previous Intel CPUs.