@mnabeel
Nice post above, i thought, till i read your last line i couldn't understand.. I don't know your definition of a 'cheap car' but below is just one example of many 'cheap cars' sold in my market. The base price has risen to Rs2.78lacs and on road price ex-Chennai(my city) is Rs3.43lacs as of 2019. So, check out one of our cheap cars and compare with one of your cheap cars , maybe?
And, if you think TATA Motors makes 'cheap' cars, check out the all new TATA Harrier to launch on Jan23, 2019. The price is between 12-18lacs based on variant. It ain't cheap.
But, TATA does make 'cheap' cars for the masses too and this is one such from their stable, the Tiago

Price range Rs3.5 to 5.5lacs on-road. TATA Motors sold more than 100,000 Tiago cars in india in 2018 not including exports.
If you want sporty, TATA Motors has launched the Tiago JTP performance hatch at Rs6.39lacs ex-showroom all-india. see below
Oh, and Mahindra Motor is launching another suv this month after the successful launch of the all new Marazzo MPV in November 2018 at price range 8-12 lacs. see below
so , what is a definition of a 'cheap' car ?, I don't know and the 1-3lac Nano runs mighty fine too, i might say. The a/c works like an icebox