HP launched its Android-powered budget tablet the HP Slate 7 earlier in February this year to challenge Google's Nexus 7, and now the affordable device has become even easier on the pocket for consumers as its price has been reduced by $30.

The budget conscious buyer will now be able to purchase the 8GB variant of the HP Slate 7 for $139.99 instead of $169.99. Alternately, those who want more storage can opt for the 16GB variant of the tablet, which now costs $169.99 instead of $199.99.

Since the HP Slate 7 is targeted at those looking for an economically priced device, the tablet packs in modest features. The Slate 7 sports a 7-inch FFS+ LCD capacitive touchscreen with 1024 x 600 pixels resolution. Under the hood, the device houses a dual-core ARM Cortex A9 processor that is clocked at 1.6GHz.

The HP Slate 7 has 1GB of RAM and has an edge over rival Nexus 7 when it comes to memory. The HP tablet comes with an expandable memory option of up to 32GB via a microSD card, unlike the Google offering.

Moreover, camera-wise, the HP tablet is the clear winner between the two. The Nexus 7 features 1.2-megapixel front-facing camera, whereas the HP Slate 7 is touts a 3-megapixel rear-facing one. The HP tablet also has a VGA secondary camera, whereas the Nexus 7 has no front-facing camera. The device also comes pre-loaded with Android 4.1 Jelly Bean.

With HP reducing the price of its Slate 7, the tablet is now nearly $60 cheaper than the Nexus 7, which may swing customers in its favor.

Whether the current price for the HP Slate 7 is a limited-time offer is now known at this juncture. If you want to purchase the 8GB or 16GB model of the tablet head to the company's online store.