Tata Group Chairman Ratan Tata, on the Nano.

Tata today admitted that the Nano 'wasted an early opportunity', but he has not given up hope on the small car, saying it has enormous potential "throughout the developing world". "The fundamental economies of the Nano...will continue to establish itself in the Indian market with a wider sales and service network," he said in the Tata Motors' Annual Report for 2011-12.

After the global acclaim, when it was unveiled in 2008, Nano was plagued with start-up roadblocks in the state of West Bengal, Tata said. Bullish on the prospects of the success of Nano, not only in India but also in other similar global markets, he said: "The potential market for such an affordable car is enormous throughout the developing world."