India's first RISC-V based silicon chip got success results in the design process!
Computer processors work on instruction sets, which are basically commands that tell the processor what to do. An example might be a command to move a value into memory or a command that multiples a value in one memory address with the value in another memory address.
Shakrti is a sanskrit word and it literally means Power/The Great Divine Mother.
There are two main types of processor architecture as you identified - CISC (Complex Instruction Set Computing) used by x86 processors and RISC (Reduced Instruction Set Computing) used by ARM processors.
RISC based (ARM) chips tend to be used in small, low power devices such as smart phones due to their low power usage, low footprint and relatively low cost - hence their use in the Raspberry Pi.
Shakrti processor is a low-power prototype, they were interested in optimising power and area.
currently, it's clocking at 400MHz, DMIPS/MHz - 1.67.
Will it replace 'qualcomm snapdragon 845' chip from your smartphone?
probably not but it's a very good sign that we might see future computing devices with this indian chip.
more details can be tracked from their official twitter account: shaktiprocessor
update : extra info
Update 2: Detailed video is here