Formula 1 Grand Prix

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Formula One, also known as Formula 1 or F1 and referred to officially as the FIA Formula One World Championship, is the highest class of single seater auto racing sanctioned by the Fédération Internationale de l'Automobile (FIA).

The F1 season consists of a series of races, known as Grands Prix (in English, Grand Prizes), held on purpose-built circuits and public roads. The results of each race are combined to determine two annual World Championships, one for the drivers and one for the constructors

Formula One cars are considered to be the fastest circuit-racing cars in the world, owing to very high cornering speeds achieved through the generation of large amounts of aerodynamic downforce. Formula One cars race at speeds of up to 360 km/h (220 mph) with engines limited in performance to a maximum of 18,000 revolutions per minute (RPM).

Formula One had a total global television audience of 527 million people during the course of the 2010 FIA Formula One World Championship. Such racing began in 1906 and, in the second half of the 20th century, became the most popular kind of racing internationally. The Formula One Group is the legal holder of the commercial rights. With annual spending totalling billions of US dollars, Formula One's economic effect is significant, and its financial and political battles are widely reported. Its high profile and popularity make it a merchandising environment, which results in great investments from sponsors and budgets in the hundreds of millions for the constructors. However, mostly since 2000, due to the always increasing expenditures, several teams, including works teams from car makers and those teams with minimal support from the automotive industry, have become bankrupt or been bought out by companies wanting to establish a team within the sport; these buyouts are also influenced by Formula One limiting the number of participant teams.

The Formula One series originated with the European Grand Prix Motor Racing (q.v. for pre-1947 history) of the 1920s and 1930s. The "formula" is a set of rules which all participants' cars must meet. Formula One was a new formula agreed after World War II during 1946, with the first non-championship races being held that year. A number of Grand Prix racing organisations had laid out rules for a World Championship before the war, but due to the suspension of racing during the conflict, the World Drivers' Championship was not formalised until 1947. The first world championship race was held at Silverstone, United Kingdom during 1950. A championship for constructors followed during 1958. National championships existed in South Africa and the UK in the 1960s and 1970s. Non-championship Formula One events were held for many years but, due to the increasing cost of competition, the last of these occurred during 1983.

Indian F1 Grand Prix:

The Airtel 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

As early as 1997, there have been plans to host an Indian Grand Prix at Calcutta. In 2003, India had only two permanent raceways, one in Chennai (Irungattukottai), and Kari Memorial Speedway in Coimbatore. At that time two 600 acres sites in the vicinity of the Bangalore airport were examined. Also, in the state Andhra Pradesh, chief minister Chandrababu Naidu reserved 1,500 acres  of land near the airport at Hyderabad. In December 2003, a seven-year pre-agreement to host the GP in Hyderabad in 2007 was signed. The track was to be build near Gopanapally village, near the outskirts of Hyderabad, and consisted of 1,367 acres  of land.However, in 2004 there came competition from Mumbai, to shift the track from Hyderabad to Mumbai instead. F1 chief Bernie Ecclestone expected India to host a Grand Prix within three years, aiming for locating at either Hyderabad or Mumbai. But in the end these projects never realised, possibly due to anti-tobacco legislation, and a change in government policy. Both projects then were declared 'dead' in the second half of 2004, when Mumbai's government decided "not to waste money on car fumes while there are more serious issues", and the Hyderabad location was converted to an IT park for technology companies. In 2005, Narain Karthikeyan was to perform in Mumbai in the Jordan F1, but the road proved to be too bumpy.

As of 2007, five locations remained in the running for hosting the Indian Grand Prix: Bangalore, the Gurgaon district in the state Haryana, a permanent track somewhere near New Delhi, a street circuit in New Delhi, as proposed by Vijay Mallya, and a site in Lucknow, Uttar Pradesh.

Following months of negotiations, the Indian Olympic Association (IOA) and Bernie Ecclestone announced in June 2007 a provisional agreement for India to host its first Grand Prix in the 2009 F1 season. The track would be built in the Gurgaon, on recommendation by architect Hermann Tilke.

However, in September 2007 the IOA announced that the debut race would take place in 2010 on the Buddh International Circuit in Greater Noida.After further assessments of the timeframe involved, Bernie Ecclestone announced in September 2008 that the Indian Grand Prix has been delayed to 2011.

The race will be held at the Buddh International Circuit in Greater Noida, 24 km from Delhi. The circuit will be roughly 5.14 kilometres (3.19 mi) and will be designed by F1 circuit designer Hermann Tilke. The track will be spread in an area of 875 acres.  The 10-year contract for the race has been given to the Indian construction company Jaiprakash Associates.

Experts are  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.

Indian Grand Prix: All you need to know about Buddh International Circuit