India happens to be the second largest smartphone market in the world, grabbing that title from the U.S. last year. But most major handset manufacturers can not afford to applaud this fact, mostly because of the economics involved. For 2013, the latest data available, India’s per capita income was $1,570 which placed the country 112th out of 164 as measured by the World Bank. Obviously, that doesn’t leave much money for consumers to purchase flagship and high-end smartphones.
However, the environment is perfect for a value-type producer such as China’s Xiaomi. This past week, the company …