F1 Rumour: Indian Grand Prix Could Return To Calendar With All-New Circuit
Rumors are circulating about the return of Formula 1 to India on a new circuit, anticipated to be part of the F1 calendar with the upcoming era of regulations starting in 2028. Currently, a feasibility study is underway to assess the viability of the proposed circuit located within the Gujarat International Finance Tec-City (GIFT City), identified as a Special Economic Zone (SEZ) in Gujarat.
Key Takeaways
- Formula 1's Potential Return to India: Rumors suggest a new Formula 1 circuit could be added to the F1 calendar starting in 2028, with a feasibility study currently assessing its viability in Gujarat's GIFT City, a Special Economic Zone.
- Overcoming Past Challenges: Gujarat is addressing past issues that led to the Indian Grand Prix's removal in 2013, including administrative, logistical, and financial difficulties experienced at the Buddh International Circuit in Noida.
- Economic and Infrastructural Impact: The Gujarat Sports Authority is exploring the project, which is estimated to cost between $650 million and $1.3 billion and offers tax advantages for brands and sponsors. This initiative is part of Gujarat's broader efforts to enhance its sports infrastructure and boost the economy and tourism.
The cessation of the Indian Grand Prix from the FIA tour in 2013 has prompted the state of Gujarat to devise strategies to overcome these obstacles, aiming for a triumphant return of Formula 1 to India.
The decision to construct a new circuit arises from previous difficulties encountered at the Buddh International Circuit in Noida, Uttar Pradesh, such as administrative challenges, logistical limitations, and high costs.
The Gujarat Sports Authority has taken a significant step by inviting tenders for a comprehensive feasibility assessment and master plan for the proposed Formula 1 circuit. In August of the previous year, a delegation of racing experts from the UK visited GIFT City to evaluate the feasibility of constructing the circuit within the upcoming economic zone.
The project's anticipated cost is estimated to range between approximately $650 million and $1.3 billion, with an optimistic completion target set for 2028. Being in an SEZ area makes it all the more appealing for brands and sponsors as it offers crucial tax advantages.
In addition, exemptions from taxes on paraphernalia brought in by sponsors for promotion contribute to the attractiveness of the initiative for both event organizers and participants.
The government is committed to advancing the F1 circuit project as a significant achievement for Gujarat's sports infrastructure, aiming to boost the state's economy and tourism. This endeavor is part of a broader initiative to revitalize the state's sports facilities, exemplified by the inauguration of the Narendra Modi Stadium in Motera in February 2020, recognized as the world's largest stadium with a capacity of 132,000 spectators.