Homegrown firms enter budget smartphone market as memory chip prices rise

India's budget smartphone market is opening up for local brands as global companies reduce their presence. Rising memory chip prices have significantly impacted entry-level smartphone production costs. Homegrown companies Ai+ and Lava are gaining traction in this competitive segment. Micromax plans to re-enter the smartphone market by evaluating various strategies. Brands aim to leverage the government's financial incentives under the Mobile Phone Manufacturing Scheme to succeed.