http://gadgets.ndtv.com/mobiles/news/freedom-251-is-the-cheapest-smartphone-in-the-world-costs-just-rs-251-803359
http://freedom251.com/
Just look at all the pre-installed crap apps you'd have to deal with... ugh. Cheap comes at a price! That said, I want one.
I'm currently out of retired android phones to use as stand-alone "app runners" such as lan cams, vehicle obd readers, or mp3 players for the grandkids. I'd buy one and root it in a heartbeat.
If you're interested, I happened across an AMA. I didn't read much.
https://www.reddit.com/r/india/comments/46drra/i_am_pranav_dixit_technology_editor_at_hindustan/
Best quote before I quit reading
"So now we will live in a country where an Android 5.0 smartphone and a 1 gb data plan costs the same."