22 May,2009 03:26 PM IST | | PA Sport
Vijay Mallya has confirmed the Indian Grand Prix remains on course to be held in 2011 due to his country avoiding 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, whilst Force India's owner may no longer be a billionaire according to the recent publication of 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," said Mallya.
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"Surprisingly, India is still achieving a GDP growth of more than five and a half per cent.
"After our recent elections, that concluded last week, our stock market appreciated by 17 per cent.
"So, things in India are a little bit different, and not as bad as you see in several other parts of the world.
"The promoters of the Formula One track and associated commercial complex have acquired the land.
"They have announced that, post the elections we've just got over, 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."
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