While it's good that there's a tangible product, there are still doubts swirling around its feasibility. Ringing Bells' CEO admits that his company is taking a loss on every phone right now -- it's hoping to make up for that through sheer volume. As it stands, the firm is still reluctant to offer hands-on time to the media despite a release just days away.

If this gamble pays off, though, it could change the local phone market. Even the most affordable smartphones on the market right now still represent a huge expense for some Indians, particularly rural dwellers who rarely enjoy middle class incomes. At $4, the Freedom 251 is inexpensive enough that it'd be far more attainable and help close a technological divide. The main mystery is whether or not the phone is any good. A terrible experience (say, through unreliable hardware) might sour people on the whole concept, no matter how tempting the price might be.