With just a week left for the first ever global launch of a new smartphone in India, Xiaomi has dropped the prices of Mi 4 in the country. The 16GB variant will now retail for Rs.17,999 (~$290) and the 64GB will retail for Rs.21,999 (~$354), a drop of Rs.2,000 each.

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The Xiaomi Mi 4 was launched in February this year in India (and in July 2014 in China). Although Xiaomi hasn’t revealed the sales figures of Mi 4, the buzz in the market suggests that it has had a cold run so far, primarily due to the tough competition. OnePlus One, which carries similar specs (in addition to 4G LTE support) has been selling for Rs.21,999 for the 64GB version and Rs.18,999 for the 16GB version. Xiaomi failed to undercut OnePlus, which is possibly the reason for the not-so-great sales of the Mi 4 as per sources within the industry.

Now, with the price cut, Xiaomi expects to ramp up the sales of its current flagship phone in India. The company launched the Mi Note and Mi Note Pro in China, but is yet to bring those smartphones to India. There’s a launch event happening on April 23, where rumors suggest an inferior variant of Mi 4 is coming, touted the Mi 4i. Going by the leaks, it’ll come with a 4.9-inch Full HD display, Snapdragon 615 octa-core processor, 2GB of RAM and most probably 4G LTE support as well.

The latest price cut to the superior Mi 4 should augur well to the pricing of yet-to-be-announced Mi 4i. Assuming the leaks to be true, we expect the Mi 4i to be priced around Rs.13,999 (same as what Mi 3 was priced) which will complete a circle of offerings in India – Redmi 2 at Rs.7k, Redmi Note at 9k, Mi 4i at 14k and Mi 4 at 18k. Last week, the company ended the exclusivity deal with Flipkart, and is now available on Amazon and Snapdeal as well.

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Raju is the founder-editor of Technology Personalized. A proud geek and an Internet freak, who is also a social networking enthusiast. You can follow him on Facebook and on Twitter. Mail Raju PP. Follow rajupp