It's time govt waives import duty on F1 race: FMSCI, JPSI
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FMSCI, the national governing body for motor sport, today said that time has come for the Indian government to understand the economic benefits which the Formula One race brings to the country and lend more support to the event by waiving the import duty on equipments that came along with it.
The organisers -- Jaypee Sports International (JPSI) -- delivered another successful race yesterday with the facilities coming in for praise from drivers as well as the F1 boss Bernie Ecclestone.
However, the Indian government has never looked enthusiastic for the high-profile motor sport event and actually considers it a commercial venture of the JPSI.
JPSI contributes Rs 10 crore every year towards the National Sports Development Fund, under the guidelines, to get necessary approval for the event.
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) had also said that F1 race could generate revenues of over Rs 90,000 crore in the next 10 years and create 15 lakh new job opportunities for technical, skilled and commercial workers in the country.
Federation of Motor Sports Club of India (FMSCI) President Vicky Chandhok, who is also a consultant for the F1 race, said the government should change its perception about the F1 race.
"There is huge improvement in tourism and everything else. It's time that our government look at it differently. It will take time. It's difficult in a country like ours, which is a huge democracy. It's difficult for people to accept or to understand how the economics work (in F1)," said Chandhok.
"The event is already on with or without government support. The government should independently make an evaluation of countries where the government is funding, how it has been economically beneficial for all," he said.
A lot of expensive equipments, including the cars, tyres and fuel, come to the country and the organisers pay temporary import duty on the equipments on the condition that these will be re-exported.
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