The battery life is still probably pretty low as at this price level the battery will take up a big chunk of the cost, so they can't afford to put a very big battery inside. This is why I hope that for next year they use a single or dual core Cortex A7, which should be several times more efficient than Cortex A8, for about the same performance. It might be cheaper, too, as A7 is meant for low-end devices (and big.Little). They will also need to add at least a 1024x600 resolution (slightly higher PPI than iPad Mini at that size), to increase the sharpness of the display and make browsing better.
Using Jelly Bean next year will also add a significant performance/experience boost even with those low-end chips. Indians will soon get a very good tablet experience for less than $50. It won't be "cutting edge" in performance, but should provide for a very good user experience as far as most people using it will be concerned.