Microsoft has a new smartphone in store, introducing the dirt-cheap Lumia 430 Dual SIM as the 'most affordable Lumia to date.'

The company already unveiled two affordable new smartphones back at the Mobile World Congress (MWC) 2015 earlier this month when it announced the Lumia 640 and Lumia 640 XL, and the latest budget smartphone is now even more budget-friendly.

Microsoft wants to boost its market share and position against rival platforms, and plans to focus on affordable smartphones for now in order to attract more customers. With this in mind, the new Lumia 430 Dual SIM unveiled on Thursday, March 19, is the cheapest Lumia yet.

"With a price tag of 70 USD, the Lumia 430 Dual SIM becomes the most affordable Lumia to-date, bringing smartphone experiences, the latest apps and signature Microsoft services to many more people, sometimes for the very first time," Microsoft boasts in a new announcement on the Lumia Conversations blog.

"Loaded with Windows Phone 8.1 and the Lumia Denim Update, the Lumia 430 Dual SIM is also the most affordably priced Lumia that can upgrade to Windows 10 when it becomes available later this year."

As expected from a budget device, the new Microsoft Lumia 430 Dual SIM comes with modest specifications on board to accommodate a low price tag. More specifically, the handset features a 4-inch WVGA display with a resolution of 800 x 480, a dual-core Qualcomm Snapdragon 200 processor clocked at 1.2GHz and paired with 1GB of RAM, a 2-megapixel rear camera, and a VGA 0.3-megapixel front shooter. Other specs include 8GB of internal storage capacity, a microSD card slot for additional memory of up to 128GB, and a 1,500 mAh battery (removable).

While the hardware specs are quite mediocre, however, the Lumia 430 Dual SIM may make up for it in terms of software features. First of all, the handset ships with Windows Phone 8.1 out of the box, complete with Lumia Denim, and is also Windows 10-ready, which means that it will get an update to the latest OS when it's ready to roll out.

Moreover, the handset comes with Microsoft Office preloaded, allowing users to handle Word, PowerPoint, and Excel files, and it also comes with seamless Skype integration. To make things even sweeter, Microsoft is also throwing in up to 30GB of free OneDrive cloud storage space.

When it comes to pricing and availability, the Microsoft Lumia 430 Dual SIM will launch in April in APAC, IMEA, Russia, Kazakhstan, and Belarus, sporting a price tag of roughly $70 before taxes and subsidies. Pricing will vary by market, and color options will consist of black and bright orange. For more details about the handset, head over to the product page on Microsoft's website at this link.