It was decided last year that India would not be hosting Formula One in 2014, but was expected to be back in the grind for 2015, which, unfortunately, is not going to happen. The F1 supremo, Bernie Ecclestone said that India would not be hosting a F1 race in 2015 as well. If India wants to host the mega event in 2016, they need to get their act together, especially the tax problems, which seems to be a major hurdle.
The credit goes to Jaypee Sports
International for bringing F1 to India, but sadly enough, due to various external factors, they are helpless. Vicky Chandhok, Past President of Federation of Motor Sports Clubs of India
(FMSCI) said, ''In other countries, it is the local government who funds F1. But, in India, it is funded by Jaypee alone, which is not fair.''
Ecclestone has time and again talked about the tax issues, which needs to be cleared up for F1 to be brought back to India. The tax department of India asked the teams' as well as the drivers to pay a huge sum of money as tax, though F1 is also just another sport such as cricket , football, hockey etc. But, the problem lies when the government does not look F1 as a sport, but entertainment.
Formula One coming to India primarily depends on the commercial agreement between Jaypee and Formula One Management (FOM) and also how the government welcomes F1 in India. As part of the race hosting fees, $40 million needs to be paid to FOM, which is fair, but Jaypee also needs to pay a further 10 crore every year towards the National Sports Development Fund (NSDF) along with the customs duty on FOM's behalf.
Though FMSCI cannot play a huge role, as it is not recognized as a national sports federation, but ''FMSCI can approach the government and seek financial assistance to host F1 in India,'' said Chandhok.
Chandhok said, ''It is important for the government of India to bring F1 to India, as globally, the Indian Grand Prix brought a positive image for India.'' Here as well, one needs to give credit to Jaypee for coming up with a brilliant circuit, Buddh International Circuit, which was liked by one and all in its debut season. Even the F1 boss liked the circuit in Greater Noida.