Nope, not yet :( The Economic Times has a decent write-up on the pre-requisites that need to be met by a city bidding to host an F1 Grand Prix.
An absolute must is an international airport of global standards. Sad to say, none of the Indian airports in their existing avatar fit the bill. That is just the starting point. The supporting infrastructure to host an event like this includes high speed connectivity -- either tube or expressway-- from the city to the circuit ( Sepang is connected to Kuala Lumpur through an eight lane highway), enough hotel rooms across the spectrum (seven star to budget), at the very minimum.
Nope. Definitely not yet..
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