Formula 1 Race in India

India on track for formula one race by 2011, says Force India owner.

• Vijay Mallya expects grand prix within two years

• Avoidance of credit crunch key to attracting race

Force India's owner Vijay Mallya has confirmed that he still expects India to host a grand prix in 2011 as his country has avoided the worst of the credit crunch.

There were fears that plans for the circuit near New Delhi would have to be shelved in light of the current global economic crisis. Yet while Mallya may no longer be a billionaire, according to the recent publication of the Forbes Rich List, his dreams to see a race in his homeland are still on track.

"Fortunately, India has not been hit as hard as other countries in this global meltdown," he said. "Surprisingly, India is still achieving a GDP growth of more than five and a half per cent.

"After our recent elections, which concluded last week, our stock market appreciated by 17%. So things in India are a little bit different, and not as bad as you see in several other parts of the world," he added.

"The promoters of the formula one track and associated commercial complex have acquired the land. They have announced that, post-elections, they are actually going to lay the foundation stone and build that track.

"So I am very optimistic it will be built on time and we will have our first formula one grand prix in India in 2011."

Thank you for being part of our business. If for some reason you are not happy with our services, please do not forget to communicate. We want to be problem solver not creator. We want you to be completely satisfied ... no exceptions!