Hyderabad's inaugural Formula E race had a nearly Rs 700 cr economic impact: study

A report says that the first Formula E race in India, which took place in February of this year, had an economic effect of nearly Rs 700 crore.

Nielsen Sports Analysis did an economic study and found that the ABB FIA Formula E World Championship's first race in Hyderabad on February 11 boosted the city's income by about USD 83.7 million (Rs 693 crore).

A Formula E news release said that more than 31,000 people came to the race or helped out, with 59% of them coming from outside of Hyderabad. This brought a lot of money into the local economy.

Jean-Éric Vergne won the race, which was very close and was seen live in more than 150 countries around the world. He is the only person to have won Formula E twice.

But Hyderabad is not on the tentative schedule for next year. Formula E, the Telangana government, and Greenko want to hold the race in Hyderabad again in 2024.

"The first Formula E race in India was a lot of fun for fans who were there and for people watching around the world. It also had a hugely good effect on the economy of Hyderabad and the surrounding area.

My team at Formula E is working very hard to get the pledges we need to come back next season and put on an even bigger event that will have a bigger effect on the economy. In a statement, Formula E co-founder Alberto Longo said, "I hope this will happen, and that we will race in Hyderabad in early 2024."

Formula E was not happy that the organizers had to rush around Hyderabad Street Circuit the day before the race to finish work.