First Formula E race had positive impact on Hyderabad's economy

Hyderabad: Formula E's first-ever race in India, the 2023 Greenko Hyderabad E-Prix, hosted in collaboration with the Telangana government, delivered an economic impact of nearly USD 84 million, according to a report.

The economic study conducted by Nielsen Sports Analysis calculated an USD 83.7 million uplift to Hyderabad's economy as a result of the ABB FIA Formula E World Championship's debut race in India on February 11.

More than 31,000 people attended or supported the race event, with the majority (59 per cent) coming from outside of Hyderabad and generating significant inward investment into the local economy, a press release said.

Formula E's only double champion, Jean-Éric Vergne won the highly competitive race, watched live in more than 150 countries around the world and attended by a host of dignitaries.