Is yes, then why?
The 125cc variants of the RC and Duke by KTM are identical to their elder 373cc siblings. If it were not for the badges, the two bikes cannot be distinguished from each other. To bring in the bikes to India at a price that would compete against the others is going to be next to impossible for the company. They cannot reduce the price drastically just to change the engine. There are no subsidies on the segment in India, unlike in Europe where the 125cc KTM bikes are sold.