In November, Vicky Chandhok, chairman of Corporate Communications for the Federation of Motor Sports Clubs of India, claimed that the country could host a round of the World Championship as early as 2010.

"There has been expression of interest to Bernie Ecclestone from parties from Punjab/Haryana, Maharashtra, Andhra Pradesh and Tamil Nadu," he told Reuters.

"Potential investors have been told to look at building a multi-utility complex to combine sport and fun and keep Formula One as an incidental activity," he added.

Speaking at at the launch of Toyota's 2007 car, Vijay Mallya, the man behind Kingfisher Airlines, which yesterday signed a deal to become an official partner to the Japanese team, admitted that a Grand Prix in India could happen as early as 2009.

"It has always been my dream to bring Formula One to India," he told reporters. "The government of Delhi really wants Formula One in India and I am optimistic that maybe we will be able to host our first race in 2009."

India is already represented in F1 by Narain Karthikeyan, who has been retained by Williams for 2007, albeit as a test driver.

With a booming economy, and more than 500 million citizens under the age of 20, India is a massive potential market, and one that Ecclestone and the manufacturers will wish to see on board as soon as possible.