Formula One news

Indian Grand Prix not suffering from economic situation

Formula 1 is scheduled to visit India for its inaugural race in 2011. According to Force India F1 team boss Vijay Mallya the foundation for the brand-new track will soon be placed. Mallya is not worried about the current economic climate as according to the Indian business man his country is not suffering as bad from the crisis as the rest of the world.

"Fortunately India has not been hit as hard as other countries in this global meltdown," said Mallya. "Surprisingly, India is still achieving a GDP growth of more than five and a half percent. After our recent elections, that concluded last week, our stock market appreciated by 17 percent. So things in India are a little bit different and not as bad as you see in several other parts of the world.

"The promoters of the Formula One track and associated commercial complex have actually acquired the land and have announced that post the elections we've just got over, they are actually going to lay the foundation stone and build that track, so I am very optimistic that it will be built on time and that we will have our first Formula One Grand Prix in India in 2011."

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