New Delhi: Domestic handset maker Ringing Bells will launch India's most affordable smartphone for under Rs 500 later this week, a move that is set to disrupt the booming handset market in the country.

The launch is in line with Prime Minister Narendra Modi's vision for 'empowering India to the last person, transforming India's growth story', the Noida-based company said. Defence Minister Manohar Parrikkar will launch the smartphone 'Freedom 251' on February 17.