Coming after the Commonwealth Games (CWG) that became synonymous with public loot and messy organisation, the hosting of India's first ever Formula One (F-1) Grand Prix has been a story of refreshing contrast. By most yardsticks – a 95,000-strong near-full capacity crowd on Sunday's main race, a 5.14 km-long track that experts judged as more than meeting global standards and, above all, very well managed despite the jammed roads leading to the venue – it was a successful event. And unlike the CWG, which hardly saw any of the top sportspersons participating (for good reason, perhaps), the Buddh International Circuit (BIC) was a serious affair. It had all the big names in racing, from Sebastian Vettel and Jensen Button to Michael Schumacher and our own Narain Karthikeyan.

One way to explain the above divergent experiences would be to showcase India's private sector, which today has proved its ability to efficiently execute large infrastructure projects and events such as the F-1 Grand Prix. The comparison with sloppy government undertakings and sporting bodies headed by venal politicians couldn't be more obvious (though, the CWG also provides a case of taxpayers' money lining private pockets). While the credit to the F-1 show's success goes largely to its promoter in India – the Jaypee Group – one cannot also ignore the role played by the Uttar Pradesh (UP) Government under Ms Mayawati. The BIC track is part of the 2,500-odd hectares of land, for which Jaypee was granted property development rights in exchange for funding the construction of a 165-km six-lane expressway from Noida to Agra. If that — a road project of this scale awarded by a State Government without any Central involvement — was a bold gamble in itself, the hosting of the Indian Grand Prix was no less so, being a virtual joint venture between the Jaypee Group and Ms Mayawati's administration. This was best underlined by the absence of the Union Sports Minister, Mr Ajay Maken, at the inauguration ceremony.

Much as the event underscores project management skills in the private sector, its commercial viability cannot be ignored altogether. Right now, F-1 — as its chief, Bernie Ecclestone, put it – “is as popular in India as cricket in France”. But with sustained promotional efforts — plus the country's young, aspirational demographic profile and its growing market for cars — this could well change. India's 1.2 billion population should not be viewed through the lens of a single, undifferentiated market. How to tap its sub-segments —ranging from shampoos and snack-foods sold in sachets at less than Rs 5, right up to Bentley cars starting at Rs 2 crore — is the challenge before entrepreneurs. And the perception of F1 as an elite sport may even be good if it helps keep the government — and subsidies — out.

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