"India is our second-largest market. We aim to remove the affordability barrier," chief executive and president Olli-Pekka Kallsvuo told reporters, without specifying the planned price level.
"We need to make mobility more accessible in India," he added.
The company already has more than half the share of India's mobile handset market, analysts say.
The country is the world's fastest-growing mobile market measured by new subscriber additions.
Analysts say the government's target of 500 million mobile phone users by next year could be reached ahead of schedule.
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Official data released in June showed the number of mobile subscribers in India above 400 million for the first time, with more than 10 million new subscribers added per month.