The company had launched the wearable computing device in India last September for Rs 22,990. Last month, it reduced the price to Rs 19,075.
"To spur increased demand, the price of the Galaxy Gear is now Rs 15,290," a Samsung India spokesperson said.
The device is compatible with the the company's range S3, S4, S4 Mini, Note 2, Note 3 and Grand 2, the spokesperson added. Data on Galaxy Gear sales in India was not available.
In November, Samsung had said it had sold 8 lakh units globally since the launch in September.
Galaxy Gear works with Samsung smartphone and tablets powered by Android 4.3 (Jelly Bean) operating system.
It has a 1.6-inch Super AMOLED touchscreen surrounded by stainless steel. It is powered by 800MHz processor and 512MB RAM, and has 4GB internal storage. Along with a speaker and mic, the smartwatch has a 1.9MP camera.
The smartwatch can be used to make and receive phone calls, read text messages and emails, track workouts and capture photos and videos.