It looks like the Redmi sub-brand is getting a new entry level device with the upcoming Y3, which just passed Wi-Fi certification. The phone will succeed the Redmi Y2 from last year which was known as the Redmi S2 internationally and we can expect similar naming strategy with the new phone going as the Redmi S3 globally.
Little else is known about the upcoming budget phone, we can confirm that it will run on Android 9.0 with MIUI 10 on top. Pricing is expected to remain in the INR 10,000 ($140/€120) range.
Yet the fact that the Redmi Y3 is already getting certified by agencies suggests that its development is nearing completion and we should see it announced shortly.