Prime Minister Narendra Modi's demonetization move hits the smartphone market too, some manufacturers reported up to 90 percent hit in numbs during the first weeks. As a result of a cash crunch, major manufacturing companies have held off their new launches. In February things are seemed to be recovering with at least two brands, HTC and LG, set to announce new models this week.

According to SufiyAndroid-Tech HTC has dispatched out press invites for an event on February 21 to showcase its new U Extremely smartphone in India. The high-end smartphone was introduced on January 12 at HTC's For U occasion in London. The device comes with a 5.7-inches QHD display screen, the smartphone runs on Snapdragon 821 processor clubbed with 4GB RAM and backed with 3,000mAh battery, the U Extremely is clearly a flagship smartphone. It sports activities a show above the primary show just like the LG V20. The device additionally provides HTC Sense Companion which is an AI for recommendations.

As per IndianExpress LG also released its updated K-series of smartphones in the presence of Union IT minister Ravi Shankar Prasad. In the event, it was indicated that the new phones will be locally produced at the company's Noida facility. The new K-series phones will include K3, K4, K8 and K10. All the new flagships will offer rear fingerprint scanner and 120-degrees of a wide-angle front camera lens.

Last year India was expected to overtake the US as the second largest smartphone market. Morgan Stanley's report suggested that India would have an annual growth of 23 percent through 2018. But the Indian smartphone market was drastically affected by the demonetization move smartphone shipments clocked 25.8 million units during Q4 2016, down 20.3 percent from the previous quarter.

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