Moto E is the best budget phone. Really amazing phone with improved specs and features by Motorola.

Moto E(2015)

Motorola announced Moto E(2nd generation) 
This phone is beautifully crafted and yeah it is super cheap phone.
Motorola is improving its budget phone and now it is more powerful and impressive than the last year's Moto E. The specs are:

GENERAL2G NetworkGSM 850 / 900 / 1800 / 1900 - all versions
3G NetworkHSDPA 850 / 1700 / 1900 / 2100 - XT1527, XT1511, HSDPA 850 / 900 / 1900 / 2100 - XT1505
4G NetworkLTE 700 / 850 / 1700 / 1900 / 2100 / 2600 (Bands 2, 4, 5, 7, 12, 17) - XT1527
Announced2015, February
StatusAvailable. Released 2015, February
SimYes, 1 Sim
Sim TypeMicro-SIM
SIZEDimensions129.9 x 66.8 x 12.3 mm (5.11 x 2.63 x 0.48 in)
Weight145 g (5.11 oz)
BATTERYStand-byTime not available
Li-Ion 2390 mAh battery
Internal8 GB, 1 GB RAM
Card slotmicroSD, up to 32 GB Mobile with Memory Card
OSAndroid OS, v5.0.x (Lollipop)
CPUQuad-core 1.2 GHz Cortex-A7 - 3G model, Cortex A53 - LTE Model
ChipsetQualcomm Snapdragon 200 -
GPUAdreno 302 - 3G model, Adreno 306 - LTE model
SensorsAccelerometer, proximity
MessagingSMS, MMS, Email, Instant Messaging (IM), Push Mail,
SMS(threaded view)
BrowserHTML, Internet Mobile Phones
ColorsBlack, White
EntertainmentFM radio with RDS, MP3/eAAC+/WAV/Flac player, DivX/WMV/MP4/H.264 player, Photo/video editor
FM Radio, MP3 Player, Games, Video Calling, Video Editor, Photo editor, Mobiles with FM Radio Gaming Mobiles
GPS ReceiverYes
Photo EditorYes
GPS, Yes, with A-GPS, GLONASS, Java, Yes, via Java MIDP emulator, Document viewer, Active noise cancellation with dedicated mic
Bluetoothv4.0, LE Bluetooth Mobiles
USBmicroUSB v2.0 USB Mobiles
GPRSYes GPRS Mobiles
EDGEYes EDGE Mobiles
WLANWi-Fi 802.11 b/g/n, hotspot WLAN Mobiles
DISPLAYTypeScratch Resistance, Touch Screen, 16M colors
Size960 x 540, 4.5 inches
Description(~245 ppi pixel density), (~64.0% screen-to-body ratio), Yes, Protection
DescriptionIPS LCD capacitive touchscreen, Yes Multitouch
CAMERAPrimary5 MP, 2592 х 19 5 MP MobilesCamera Mobiles
VideoAuto Focus, Video,
autofocus, Geo-tagging, panorama, HDR, Video,720p@30fps
SOUNDAlert types
MP3 , WAV,
TypeVibration; MP3, WAV ringtones
Yes, Loudspeaker, Yes, 3.5mm jack
Audio qualityYes
RATEPKRRs. 14500 -Price in Pakistani Rupees
INRRs. 9006 -Price in Indian Rupees
USD$142 -Price in US Dollars

Specs are really improved in a year. This year's Moto E is better than Last year's Moto E.
Moto E comes with some features from its flagship phone MOTO X. Like shaking sensors to open up the camera and notifications like on Moto X's lockscreen. Motorola always promises future android updates to its smartphones. And yes, Moto E will also get confirmed future software updates.