India Business Guide
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Indian Grand Prix
Indian Grand Prix:
October 30, 2011 marks the start of the Indian Grand Prix, a Formula One race that will be held near India’s capital New Delhi in the city of Greater Noida, Uttar Pradesh at the Buddh International Circuit. As the 2011 Formula One season’s 17th leg, the Grand Prix is the first ever of its kind to take place in India.
Plans to host this race in India began in 1997, but they first started to come into fruition in 2007 when the Indian Olympic Association (IOA) and Formula One CEO Bernie Ecclestone drew up an agreement for New Delhi to host its own Grand Prix in the 2009 Formula One season. The project suffered delays for two more years, however, but India will finally experience a high-profile motor race come October.
The timing of the race coincides with the Diwali festival season in India, a time when consumer spending is at its highest. Ticket prices start at Rs2500 (about $52). With sales already starting in April, the race event is expected to be a boon to India’s economy. Anticipation of the race has already attracted many Formula One fans in India. There are prospects that the Grand Prix can bring in $170 million in revenue and create jobs for thousands of Indians. The event will also benefit other industries such as hotel, tourism, and advertising.