"Mi India offered a special price for Mi 4 during Mi Fan Festival, and it was very well received. We have thus decided to make this price drop permanent,” the company announced.

Xiaomi Mi 4 16GB will now be available for Rs 17,999 which was earlier priced at Rs 19,999, while its 64GB model can be grabbed for Rs 21,999 instead of Rs 23,999.

Also Read: Xiaomi announces Mi Note Pink Edition priced at Rs 25000 in India

The Mi 4 improves upon the discontinued Mi 3 in every aspect. It is thinner at 8.9mm and has a metal body with replaceable rear panels. It has a 5-inch full HD IPS display (no Gorilla Glass) along with a 13MP primary camera capable of recording 4k videos and 8MP front Sony stacked CMOS camera.

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Hardware specifications include a quad core Qualcomm Snapdragon 801 processor, 3GB RAM, 64GB storage and a 3,080mAh battery.

According to Xiaomi, the battery would last one and a half day with normal usage and will offer quick charging, reaching 60 pc charge in an hour's time.

Other features include 8MP front camera, 3G, dual band WiFi, Bluetooth 4.0, USB host and radio.

Also Read: Xiaomi Redmi Note 2 specifications leaked, to get 13-megapixel camera

Xiaomi also announced the availability of the MiUi 6 OS update. MiUi 6 comes with a revamped interface with new animations, motion graphics, flatter icons, smarter notifications and improved security features.

The Mi 4 is available for purchase on Flipkart and The Mobile Store, and will soon be available Xiaomi's MI Stores on Snapdeal and Amazon in India.