Sunday's Airtel Indian Grand Prix at the Buddh International Circuit in Noida was the newest entrant to that elite global club. The glitzy spectacle and reigning world champion Sebastian Vettel's victory aside, the real impact has been off the track. FI is big business. with billions of dollars in the mix annually. And at a time West is facing an economic rough patch , that is of prime importance. It is no coincidence that the big wing of sports like football and FI were the ruling elite hitherto ignored India are now beating a path to its front door. This ardent wooing has a sound economic basis: the Indian market is big enough and rich enough to be an irresistible target and its companies have the cash to but in at the high table. That is why it is so important that the Buddh circuit's construction and the event itself were both staged without any mishap. It goes some ways towards rectifying the negative international perception created by the Commonwealth Games' run-up. And that perception has tangible economic value. More high-profile international sporting events will mean a spike in tourism, more construction activity and an influx of money in to the Indian market. The boost to India's soft power is substantial as well - it is hard for a rising economic power to be taken seriously if it can not stage such events. Granted, FI's appeal is likely to be limited and it will gradually match cricket's popularity notwithstanding - but its impact may just ripple a great deal further.
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