We at GizChina love affordable technology, but an Indian brand — Ringing Bells — is taking it to another level.

The company is set to announce a phone tomorrow, i.e., on February 17th, known as the Freedom 251 which will cost lesser than 500 INR ($7.3).

The Chinese, Indian and other surrounding markets are known to have some super cheap (~$10) feature phones selling there… but what Ringing Bells is set out to do is something completely different.

By ‘smartphone’, we hope Ringing Bells refer to a phone that has a camera, modular OS (Java-based or Android), ability to install apps, and other usual features like WiFi and Bluetooth. That said, it does seem a little farfetched to expect all that in a $7 gadget.

Ringing Bells reckon that the phone will be made with backing from the Indian government, which makes subsidy, and thus the 7$ phone, a possibility.

We should know tomorrow. Meanwhile, let us know what the idea of a $7 phone brings to your mind!