Hyderabad’s economy positively impacted by inaugural Formula E race

As per press release, over 31,000 people attended or supported the race event, generating significant inward investment into the local economy.

Hyderabad: Formula E‘s first-ever race in India, the 2023 Greenko Hyderabad E-Prix, hosted in collaboration with the Telangana government, delivered an economic impact of nearly USD 84 million, according to a report.

The economic study conducted by Nielsen Sports Analysis calculated an USD 83.7 million uplift to Hyderabad’s economy as a result of the ABB FIA Formula E World Championship‘s debut race in India on February 11.

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More than 31,000 people attended or supported the race event, with the majority (59 per cent) coming from outside of Hyderabad and generating significant inward investment into the local economy, a press release said.

Formula E’s only double champion, Jean-Éric Vergne won the highly competitive race, watched live in more than 150 countries around the world and attended by a host of dignitaries.