The Formula 1 Grand Prix race in India could generate revenues of over Rs 90,000 crore (Rs 900 billion) in the next 10 years and create 15 lakh new job opportunities for technical workers, industry body Assocham said.
The first ever Indian Formula 1 event at Greater Noida this weekend is expected to generate business worth Rs 10,000 crore (Rs 100 billion) from sale of tickets, advertisements, hospitality and travelling, besides creating
new business hubs and giving a boost to commercial and residential properties, it added.
"Indian companies can get their message across to a much wider audience using F1," Assocham Secretary General D S Rawat said.
The chamber added that events like the F1 can prove to be unconventional avenues to position high-end value-added designer products like apparel, gems and jewellery, engineering goods, software and automobiles.
"Not only will the hotel and tourism industry get an immediate boost, the country's profile too will get a lift," it said.