Tata Motors Chairman, Mr Ratan Tata, has been named the winner of The Economist’s eighth ‘Business Process Innovation Award’. The British news weekly has selected Mr Tata for the development of the world’s cheapest car, the Tata Nano. The Innovation Awards are given out by The Economist every year to honour individuals for implementing their innovative ideas. The magazine said in a statement that Mr Tata heads a company that has developed the world’s lowest-cost car, and that is changing the way Indian companies conduct business. It called the Nano ‘an emblematic example of India’s frugal engineering’. The Vice President and COO of the Project Management Institute, Mark Langley, said that the Nano challenges the way passenger cars have been made and perceived ever since they started being developed, and that it promises to transform the automotive industry.
