As for the hardware specifications of such a device, what has been leaked might not necessarily be the real deal at the end of the day, but it does give a semblance of what one can expect. The entry level Xiaomi device is said to come with a 4.7″ 720p display which will be powered by a Leadcore LC1860 chip alongside a quad-core 1.6GHz Cortex-A7 processor, Mali-T628MP2 GPU and accompanied by 1GB of RAM. At the back would lie an 8MP shooter, while in front one would be able to find a 2MP camera to take basic selfie shots. The 8GB of internal memory can be further augmented through a microSD memory card slot, while Android 4.4 KitKat would be the operating system of choice, with MIUI skinning it.
Do bear in mind that the Leadcore LC1860 chip will feature an integrated LTE modem, although it remains to be seen as to whether entry-level Xiaomi device will sport LTE right out of the box.