Rooting Method : Just Download and install Framaroot-1.8.1 on the device and root your device in just one minute without any trouble...That's Cool...
Credits to Carliv for making CWM Touch Recovery to all MTK phones
After rooting your device with Framaroot download Mobileuncle MTK Tools from the link above and install it on your device, copy recovery on internal memory and navigate to update recovery in Mobileuncle MTK Tools....that's all, its done, now you can reboot into recovery mode.
If you like my work then click Donate Button....that's cool
Developers can join the Spice Mod™-Spice Pinnacle Stylus Mi-550 Face Book Group