The Grand Prix of India will be a Formula One race held at the Buddh International Circuit in Greater Noida, Uttar Pradesh, India. The first event is scheduled to take place on October 30, 2011 as the 17th race of the 2011 Formula One season, The new race track was officially homologated on September 1, 2011 by Charlie Whiting, and the inaugural race is now confirmed to have its debut in 2011.
Delhi has been seeing a lot of infrastructure developments for the 2010 Commonwealth Games. However, there has been no direct funding provided for an Indian Grand Prix yet.
According to experts, the benefits of a booming economy like India joining the F1 calendar are clear. Not only would the hotel and tourism industry get an immediate boost, the country's profile, too, would get a lift.
Experts are also of the view that once the Indian Grand Prix kicks off, it has the potential to generate around $170 million in revenue and employ as many as 10,000 people. The opportunity in advertising tie-ups between manufacturers and F1 cannot be overlooked either. The race was to coincide with the important Diwali holiday, when consumer spending is typically at its highest and many are travelling, so economic prospects are excellent.
In order to construct the circuit, the lands of some three hundred farmers were purchased by the state government. However, in August 2011 - three months before the inaugural race - the farmers in question expressed dissatisfaction with the project and threatened to dismantle the circuit "with force if necessary", demanding more money and stating that they felt the land should have been zoned for industrial estates to generate more employment in the area.
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