There is the same 4.7 Inch IPS LCD HD display with 312 pixels per inches, powered by new 64 bit 1.2 GHz quad core Snapdragon 410 with 1 GB RAM and 8GB internal storage. You can further extend this by another 64 GB using MicroSD support.
Software remains Android 4.4.4 KitKat based MIUI6, but a Lollipop update is under works. There is a decent 8 MP rear camera and a 2 MP front facing unit for photography. Battery capacity has been slightly bumped up to 2200 mAh and it also supports QuickCharge 2.0 rapid charging. Both SIM card slots support 4G LTE (Both TD and FD LTE supported) connectivity.
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Registration for Redmi 2 starts today 6 PM. Sales will start from 24th March exclusively on Flipkart.