I tested the following methods using a lock screen pattern, PIN and password and was able to unlock my Micromax Canvas A300 Gold with Android 4.4.2 successfully.
Should you set up a new lock screen PIN or pattern. Make sure to write down the numbers or pattern on a piece of paper or in a text file on your computer to avoid that hassle the next time. If you run into any problems using the methods above, feel free to leave a comment.