F1 COMES TO INDIA

The 2008 F1 season is almost upon us with the first race – the Australian GP at Albert Park – just a week away. While this season will see the debut of the Vijay Mallya owned Force India, the countdown to the first ever Indian GP has also begun, with the race scheduled to be a part of the F1 calendar from the 2010 season.

Even though race organizers, the Indian Olympic Association (IOA), have yet to finalize the location of the circuit there is still time for them to pull it all together. It will take 16 months to complete the circuit.

However, it should be a challenge to finish the circuit within that span with lot of hurdles o go across. The cost of construction for the circuit is estimated at about $160 million. The circuit for Chinese GP in Shangai, another of the new races added to the F1 calendar was built at a reported cost of $450 million.

With only 24 months left before the red lights go off on the 2010 season, the IOA has to ensure the circuit is built on time. They must have to remember it serves multiple purposes within the sport as well as general economy.

Before Barichello had taken the chequered flag at the inaugural Chinese GP, up to 10,000 new jobs were created in the region and several F1 merchandise stores had opened up.

The 2007 Bahrain GP raised revenues in excess of over $500 million. The figure comprises many different streams of revenue including accommodation and subsistence, travel, retail outlets and entertainment – all of which went a long way to establish the race as the biggest single source of entertainment and income for the travel and tourist source for the kingdom.

An F1 circuit can also be a boon for local drivers who otherwise wouldn’t get the chance to drive at an F1 circuit. India is now waiting for a great race season which would give its people a new source of entertainment as well as generate huge revenue for the Government.