Union Minister of State for MSME Giriraj Singh today said "lack of innovation" in Hindustan Motors was the reason behind the selling off of the iconic Ambassador car brand to European auto major Peugeot. "Hindustan Motors' Ambassador went to others due to the lack of innovation," Singh said at the Bengal Chamber awards for MSME event. Owners of C K Birla group inked an agreement with Peugeot SA of Europe earlier this month to sell off the Ambassador brand. Stressing innovation in the field of agriculture and MSME sector, he urged people to come forward to form a policy framework on it. Singh also highlighted the Centre's policies in infrastructure sector and raising the limit for collateral free loans among others.

Source: dna February 18, 2017 14:15 UTC