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Yeah, I'm not totally sure either. It'd be cool to know what it would cost to build an identical Mitsubishi Mirage in India for a good comparison. But that's probably a pain to figure out, and then you've got taxes. Another way to look at it would be how many minimum wages it takes to buy the cheapest cars in the US versus India.
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Mirage isn't available in India markets but I can tell you that many foreign brand's models are sold in India and US with the same specifications and the price is also almost similar for them. You can search for Hyundai Tucson for the reference. However these cars aren't cheap ones, not at least for India.
For similar to Mirage you can see cars from India from this link.
https://www.cardekho.com/carmodels/Tata/Tata_Tiago
Their starting price is $6k.
Many foreign companies including Ford and Chevrolet tried to compete with Indian brands but they did not get succesful. The main reason imo was that they couldn't grasp on the mentality of India's consumer. You can easily find a very rich man driving a very cheap car in India. I mean Indian's don't buy things just for luxury other than gold.
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What safety features and quality standards? My car is a compact SUV. Its NCAP 5 star rated and I paid around $10k for it. It's quality is quite good imo.