Microsoft Devices on Wednesday announced the launch of "most affordable" Lumia 530 dual SIM smartphone for Rs. 7,349 in India.

Microsoft Devices said Lumia 530 will be available in stores at a best buy price of Rs. 7,349 starting August 14.

The new Lumia 530 will provide a powerful entry to Windows Phone 8.1 with a Quad Core processor delivering faster and smoother user experience, among others, it said in a press release.

This device will expand the reach of Windows Phone as it allows more people to enjoy Lumia innovations and Microsoft services similar to those offered in high-end Lumia smartphones, the release added.

"The affordable smartphone segment is growing exponentially, driven primarily by youth who are constantly looking out for smartphones with power-packed features at affordable prices," Viral Oza, Director-Marketing, Nokia India, a subsidiary of Microsoft Mobiles Oy, said.