Xiaomi, the renowned China-based smartphone manufacturer, permanently slashed the price of its Mi Pad in India on Friday, selling the tablet for just Rs 10,999. Xiaomi Mi Pad is available only on Flipkart and Mi Store at its discounted price.

Xiaomi, which claims to have the largest market share in China last year, is offering the generous Rs 2,000 price cut on Mi Pad in the wake of Makar Sankranti celebrations. But it could also mean the company is making space for Mi Pad 2, which was launched in China in November last year. The announcement was made through Xiaomi's official social media accounts on Facebook and Twitter.

Permanent price cut on aging products is a clear sign of a new product launch. Xiaomi Mi Pad 2's arrival might be just around the corner, Gadgets360 reported.

The new price for Mi Pad makes it a good value-for-money tablet. Mi Pad has the looks, performance and it is now even more affordable. For a tablet which was launched as a rival to Apple iPad Mini, Rs 10,999 is a solid price tag to convince shoppers to make an instant purchase.

Our favourite #MiPad is now Rs.2000 off! Get yours now at Rs.10,999/- only on https://t.co/D3b3QtmvaT and @Flipkart. pic.twitter.com/L5TMbj0pxg

— Mi India (@XiaomiIndia) January 15, 2016

Xiaomi Mi Pad was launched in India in March last year with a price tag of Rs 12,999. It features a 7.9-inch QXGA (2048x1536 pixel) IPS Retina display resolution with 324ppi and Corning Gorilla Glass 3. Mi Pad is powered by a 2.2GHz Nvidia Tegra K1 quad-core Cortex A15 processor, 2GB DDR3 RAM and a 6,700mAh battery.

Xiaomi Mi Pad also features an 8MP primary camera and a 5MP front snapper for video calling. The tablet has 16GB onboard storage with support for microSD card up to 128GB. There is no SIM card slot in the tablet, making it impossible to use it for voice-calling. In our review, we found the tablet's performance, built quality and usability justifying its price tag.

Read: Xiaomi Mi Pad Review

If Xiaomi is indeed making some place for the new Mi Pad 2 inventory in India, consumers can expect some notable upgrades. The Mi Pad 2 is 18 percent thinner and 38grams lighter than Mi Pad and has a full metal body. In terms of specs, it has a USB Type-C port, 7.9-inch display with 2048 x 1536 pixel resolution – same as iPad Mini 4 – and 16GB/64GB storage options.

MI Pad 2 is powered by a 64-bit quad-core 2.24GHz Intel Atom X5-Z8500 processor and has 2GB RAM. The camera sensor is same as its predecessor. Mi Pad 2 was launched in China for RMB 999 (around Rs. 10,000) and RMB 1299 (around Rs. 13,500) for 16GB and 64GB models, respectively.