Although dual core 1GHz is pretty good for a lot of things and would be a pretty good thing to use in place of many other expensive alternatives, the power requirements feel like the biggest issue here.
Specially in case of IoT, 5G infra and consumer electronics, where the 2 big problems of battery life and thermal dissipation come up.

In case of 5G infrastructure, where the components are expected to be used continuously and aren't replaced for years, the power consumption (and the extra power consumption on cooling) will easily trump any cost savings, Indian companies might get from cheaper components.
But of course, the broadband providers may happily use those chips in the user-side units, where they are not having to pay the user's electricity bill.

Can only be said for sure after the power consumption details are released.