This column was originally published on RealMoney on March 8 at 10:47 a.m. EST. It's being republished as a bonus for TheStreet.com readers.When the world's second most-populous country and fourth-largest economy in terms of purchasing power proposes sweeping changes to the nation's budget, we should all pay close attention. Last Tuesday, Feb. 28, India's Finance Minister P. Chidambaram proposed the 2006-07 Union budget to Parliament. The budget is designed to stimulate the country's already booming economy, and it is widely expected to be adopted. Furthermore, the Indian government (whose fiscal year runs April 1-March 31) has declared its intention to make India the global hub of small cars, meaning that the country would become the manufacturing center for small cars sold around the world. In an effort to achieve this status, the Finance Ministry has proposed some major tax reductions to increase domestic small car sales, not the least of which is the 33% cut in duties on small cars (a classification that encompasses nearly 80% of all cars sold in India) to 16%. As quickly as the budget proposal was released, automakers began announcing price cuts, including each of the three largest sellers in the Indian market -- Maruti Udyog, a subsidiary of Suzuki Motor Corp, South Korea's Hyundai Motors and Indian concern Tata Motors ( TTM).