Today an Indian company ringingbells announced a smartphone based on android 5.1 with specs like 1 GB ram , 8 GB storage with 32 GB expandable.And 3.2 mp AF camera with a vga frond cam.
1.3 GHz processor and 1450 MAh battery.Nobody knows how the pricing is possible because you get a charger,headphones,data cable and the phone is 3G compatible.Its at 250 indian rupees which translates to 4$.