Inaugural Formula E race in Hyderabad made economic impact of nearly Rs 700 cr: report

More than 31,000 people attended or supported the race event, with the majority coming from outside of Hyderabad and generating significant inward investment into the local economy

Hyderabad: Formula E’s first-ever race in India, held in February earlier this year, made an economic impact of nearly Rs 700 crore, according to a report.

The economic study conducted by Nielsen Sports Analysis calculated an USD 83.7 million (Rs 693 crore approximately) uplift to Hyderabad‘s economy as a result of the ABB FIA Formula E World Championship’s debut race in Hyderabad 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 Formula E press release said.

Formula E’s only double champion Jean-Éric Vergne won the highly competitive race, which was watched live in more than 150 countries around the world.

However, Hyderabad is not part of the provisional calendar for next year. Formula E along with local promoters Telangana government and Greenko is keen to bring the race back to Hyderabad in 2024.

“The first Formula E race in India delivered thrilling entertainment for attending fans and viewers tuning in around the world while making a hugely positive impact on Hyderabad’s local and regional economy.

“My team at Formula E is working incredibly hard to secure the commitments necessary that would enable us to return next season and deliver an even bigger event, with greater economic impact. I’m hopeful this will happen and we will race in Hyderabad in early 2024,” said Formula E co-founder Alberto Longo in a statement.

Formula E was not happy with the organisers scampering to finish work around Hyderabad Street Circuit a day before the race.