NITI Aayog task force to examine F1's return, motorsports growth
Synopsis
The government has formed a NITI Aayog task force to explore the revival of Formula One and motorsports in India. The panel will assess challenges like taxation, identify benefits, and create a roadmap for the sector's sustainable growth.
Government Forms Task Force for F1 Revival
The government has constituted a task force under NITI Aayog to examine the revival and development of Formula One and the broader motorsports ecosystem in the country, with a focus on identifying challenges and formulating a coordinated roadmap for the sector. The task force will undertake a comprehensive assessment of taxation-related issues and other challenges affecting the growth of motorsports in India.
The task force will also assess the potential international, economic, tourism and investment benefits of hosting motorsport events, while identifying key priorities, infrastructure requirements and operational needs for sustainable development of the sector. It will further examine the need for a comprehensive policy framework and recommend suitable Public-Private Partnership (PPP) models to support the growth of motorsports.
Task Force Composition
The Task Force for Formula One Grand Prix feasibility assessment is chaired by Yugal Kishore Joshi, PD (YAS), NITI Aayog. The members of the Task Force include Kunal, Joint Secretary, Department of Sports; Joint Secretary, Department of Commerce; Joint Secretary, Ministry of Tourism; representatives from CBIC and CBDT, Department of Revenue; representatives from Uttar Pradesh and Maharashtra State Governments; representatives from Buddh International Circuit (BIC) and Madras International Circuit (MIC); President/Secretary General of the Federation of Motor Sports Clubs of India (FMSCI); a Technical Expert nominated by FMSCI; and any other member co-opted by the Chairperson based on requirement.
A Look Back at Indian Grand Prix
The government is considering bringing back Formula 1 to the Buddh International Circuit, almost thirteen years after the last race was held at the track. Union Sports Minister Mansukh Mandaviya also visited the Buddh International Circuit (BIC) in Greater Noida earlier this year, signalling potential plans to revive the Indian Grand Prix.
The Indian Grand Prix was previously held at the Buddh International Circuit from 2011 to 2013, with Germany's Sebastian Vettel winning all three editions for Red Bull Racing. The inaugural race, held on October 30, 2011, as the 17th round of the 2011 F1 season, also saw Vettel emerge victorious. Grand Prix has not returned to the Formula One calendar since 2013. In addition to Formula 1, India hosted a MotoGP round in September 2023 at Buddh International Circuit. However, the races have not returned since. (ANI)