Xiaomi has an attractive new smartphone in store, introducing the sleek Mi 4i handset designed with budget-conscious shoppers in mind.

The company's Hugo Barra took the stage at Xiaomi's New Delhi event on Thursday, April 23, to unveil the wallet-friendly Xiaomi Mi 4i smartphone that will make its initial debut in India for the equivalent of roughly $200.

The new Xiaomi Mi 4i is designed for the Indian market, the executive pointed out, but it will most likely make its way to other countries soon as well. As the name itself suggests, the Xiaomi Mi 4i is quite similar to the flagship Mi4, but comes with slightly lower specifications that place it in the upper-mid-range segment of the smartphone market.

More specifically, the Xiaomi Mi 4i comes with a 5-inch full HD display (1920 x 1080 pixels), a 64-bit octa-core Qualcomm Snapdragon 615 processor under the hood, 2GB of RAM, and 16GB of internal storage capacity. Other specs include a 13-megapixel rear camera with f/2.0 aperture and dual-tone LED flash, as well as a high-end 5.1-megapixel front camera with an f/1.8 aperture and a slew of neat software features, including a "beautify" mode. A large 3,120 mAh battery will keep things up and running, while dual-SIM support will allow users to separate their work from their personal affairs. Both SIM slots support LTE cards, which is an added bonus.

On the software side, the new Xiaomi Mi 4i is the first device from the company to run Android 5.0 Lollipop out of the box (MIUI 6). The OS includes a number of features such as Visual IVR that are specifically designed for the Indian market. When it comes to language support, MIUI 6 includes support for Hindi, Bengali, Telugu, Tamil, Kannada and Malayalam.

The Xiaomi Mi 4i will come in black, white, orange, pink, and blue color options, and will go on sale in India on April 30 via Flipkart. The smartphone will cost Rs. 12,999 in the country, but it remains unclear at this point just how much it will cost when it reaches other markets. To learn more about the new Xiaomi Mi 4i and to see it in action, check out the video below.