Nokia announced its new Lumia 510 Windows Phone on Tuesday, Oct. 23, touting it as the "most affordable Lumia so far."

The new Nokia Lumia 510 caters to the budget-conscious segment. It comes as an entry-level Windows Phone, with a combination of decent speciications and a low price point. It runs on Windows Phone 7.5 and comes in a wide range of colors, allowing people to have a decent smartphone for a low price.

"Today we're delighted to announce the Nokia Lumia 510. It's our most affordable Lumia so far: a stylish, entry-level smartphone that comes in five eye-catching colors: red, yellow, cyan, white and black," Nokia announced on Tuesday.

The Nokia Lumia 510 features a rounded body and sports a 4-inch WVGA TFT display with a resolution of 800 x 480 pixels.

"This gives you plenty of space to view pictures, videos and the Internet, and makes precise tapping and swiping easier," touts Nokia.

Under the hood, the modest smartphone is powered by a Snapdragon S1 processor, coupled with 256MB of RAM. The Lumia 510 packs only a 4GB internal storage space, and it does not have an expansion slot for additional memory. It does, however, come with 7GB of free SkyDrive cloud storage.

The budget friendly Windows smartphone also features a 5-megapixel camera with autofocus, and packs a decent 1,300mAh battery. According to Nokia, users can also download the Camera Extras application, which provides "exclusive functionality" to enhance the performance of the on-board camera.

As with all of Nokia's Lumia smartphones powered by Microsoft's Windows Phone, the Lumia 510 features the signature Live Tiles, "giving you at-a-glance updates and speedy access to everything you need to do." Other apps include the People Hub, Microsoft Office Mobile apps installed, as well as Microsoft's Internet Explorer (IE) 9 Web browser.

"On top of that, you'll also have instant access to the best mobile navigation and location services available today, in the form of Nokia Maps, Drive and Transport," added Nokia.

The new Nokia Lumia 510 is slated to launch in November in India and China, followed by South America and other Asia-Pacific countries. According to Nokia, the smartphone will cost roughly $199 before any local taxes and operator subsidies.