As per the images, the Nokia Asha 501 is to come with design like the Nokia Lumia phones. Further the Asha 501 is said to come with a 5 megapixel camera with LED flash, and a slightly larger display than Asha 311 which has a 3 inch touchscreen. Most likely this handset will have at least a 1 GHz processor.
Indian and Chinese brands have flooded the mobile phone market with their cheap Android handsets at feature phone prices. To counter them, Nokia some time back launched its Asha 311 which had tasted immense success, especially in the Indian market. Thus Nokia Asha 501 would not disappoint if priced well, which we expect to be around Rs 8,000 in retail.
Series 40 operating system on which the Asha series is based has already been optimised for touch based phones and though it was developed for feature phones, it has smartphone like features like Notification, apps support (with quite a big app base). Nokia is also offering free music, games and apps to sell its Asha phones.
Image credit: @evleaks