Its too late, All indian counterpart were eagarlly waiting for this annoncement. Now Alcatel One Touch, which is currenty at RS/-9999, will surely come at reduced priced at Rs/-8999. At the same time Karbonn Titanium Octa Plus which is currently Rs/- 10700, at snapdeal, with 16 GB memory, 441 pixel, Full HD, will also reduced its priced below 10K. At the same time Micromax Nitro, Knight and Gold had already reduced their price and now after this announcement they will further reduced their price to compititve level.
Don't forget Xiaomi Redmi Note is a Chinees Product and after sale service is main criteria for any consumer.
This time compition is very tough for xiaomi as indian brands along with some other brands (Alcatel, Axux, Asus etc) were already waiting for this announcement, till then they were earning profit by selling their product at high rate.
So now wait for other announcement from Indian Brands.