The ICICI Bank and Overdrive awards, 2003, voted Tata Indigo as the Most Exciting New Car of the year. Dr. Sumantran, receiving the award at the hands of Dinesh Munot (CEO of ZF Steering Gear, India Ltd.), said, "It is a saga of perseverance and spirit coupled with our excellent human resources which will see us do better and better in the future."

The Indigo's better ride and handling characteristics were appreciated and the versatility of the Indigo package was seen as a move in the right direction to creating a base from which Tata Engineering could hold its own as a niche player against auto majors in the market.