The Associated Chambers of Commerce and Industry of India (ASSOCHAM) on Friday (today) said that the Formula 1 GP race in India could generate revenues of over Rs 90,000 crore in the next ten years and create 15 lakh new job opportunities for technical, skilled and commercial workers.
"Indian companies can get their message across to a much wider audience using F1," said D.S. Rawat, secretary general of ASSOCHAM. India is far behind from international branded merchandise market. The F1 can prove to be unconventional avenues to position high-end value-added designer products like apparel, gems and jewellery, engineering goods, software, hospitality, food and beverage, automobiles and airlines, he said.
Rawat further said that, "Companies can use their association with F1 or one of its 12 racing teams to engage with a global audience in a cost-efficient and targeted way, which will yield superior and tangibly measurable results compared to traditional media."
For an Indian company breaking into new markets, the power of three-day gala motor event should not be ignored. "Not only will the hotel and tourism industry get an immediate boost, the country's profile too will get a lift. It is a great opportunity to tell the world that India is growing and world-class sports facilities are becoming affordable to a large number of people," said Rawat.
F1 is showcasing cutting-edge technology, reliability, speed, efficiency, teamwork, high performance, innovation, dynamism, fun and glamour and positive values that companies can spend decades trying to associate with their brands. The first ever event is opening a new marketing medium for all companies to increase their brand values.