Indian carmaker plans ultra-cheap hybrid vehicle

The Tata Group, a prominent Indian vehicle manufacturer, will introduce a hybrid version of its Nano, which is thought to be one of the world's lowest priced vehicles.

Reuters reports that Ratan Tata, chairman of the Tata Group, says that low-priced goods would create stronger demand than high-end products in India, and the so-called low-price revolution would continue across the world.

The regular Nano costs around $2,200 per vehicle, which gets more than 50 miles per gallon, according to the automaker.

The company also plans to export Tata Motors' light truck, Ace, to South Korea, says Tata.

A recent report states that the State Bank of India gained 2 percent after Indian economist Chakravarthy Rangarajan said the economy may grow 7 percent in the year through March 2010, more than an October prediction of 6.5 percent. Tata Motors Ltd., this year’s biggest gainer in the benchmark stock index, fell 3.6 percent.