Racing Ahead: Buddh International Circuit in Uttar Pradesh to Get a Rs 392 Crore Reboot from F1 to MotoGP Bharat Triumph
With an overall contribution of almost Rs 392 crore, the impact report highlights the economic effect of MotoGP Bharat 2023, demonstrating the event’s success and marking a significant turning point in the history of Indian motorsports.
Last year’s MotoGP Bharat 2023, which was held from September 22 to 24 at the Buddh International Circuit (BIC) in Greater Noida, had a sizable attendance all weekend long. From 2011 to 2013, the Formula One Indian Grand Prix was held on this same course three times.
However, tax disputes between the then-UP government headed by Akhilesh Yadav and the Federation Internationale de l’Automobile (FIA), the global regulatory body of racing, as well as the financial difficulties of the Jaypee Group, were the main reasons this important athletic event was dropped from the F1 schedule. Because of this, the circuit was inactive until September of last year, when the motorcycle road racing series, MotoGP, made its debut.
Along with other national and state politicians, celebrities, and chief minister Yogi Adityanath witnessed the championship race, which was won by Marco Bezzecchi of the Mooney VR46 Ducati (GP22) team.
The overall attendance numbers illustrate how well-liked the event is:
September 22, Friday: 17,776
September 23, a Saturday: 35,381
Race day, Sunday, September 24: 58,605
The public’s reaction to MotoGP Bharat 2023 was good, according to the analytical report, with a median satisfaction score of six out of seven on the Likert scale. Fans between the ages of 26 and 35 gave a variety of reasons for going, such as their love of motorcycles and racing and their memories of previous F1 Grand Prix events.
ECONOMICAL IMPACT
Attendees and spectators at MotoGP Bharat 2023 contributed significant amounts of money to the local and non-local economies, having a ripple effect on both:
Cost of goods and services purchased locally: Rs 392,09,80,454 (Rs 392.09 crore)
Expensed on goods and services from outside the region: Rs 31,33,33,440 (Rs 31.33 crore)
Visitors from outside Delhi/NCR/UP spent a total of Rs 105,29,63,274 (Rs 105.29 crore).
As to the impact study, the amount spent by spectators on housing, transportation, food, other local purchases, and other recreational activities accounted for 31.1 percent, 21.6 percent, 11.3 percent, and 8.2 percent of the total expenditure of Rs 72,60,41,963 (Rs 72.6 crore).
46.5 percent of attendees’ spending went toward lodging, 40.1 percent toward meals, and 5.8 percent toward other locally sourced items, totaling Rs 319,49,38,491 (Rs 319.49 crore).
All things considered, the MotoGP Bharat 2023 Impact Report is a monument to the success of the event, showcasing its economic impact and paving the way for greater things to come for motorsports in India.
