MUMBAI: Assocham has said the Formula 1 Grand Prix race in India could generate revenues of over Rs 900 billion in the next 10 years and create 1.5 million new jobs opportunities for technical, skilled and commercial workers.

The first ever event at Greater Noida that took place over the weekend is expected to have generated business worth Rs 100 billion from sale of tickets, ads, hospitality and travelling, besides creating new business hubs and giving a boost to commercial and residential properties, Assocham said.

However, it said that the intangible benefits could be much more as India has thousands of companies with ambition to compete on the global stage. While many of these companies have blue-chip brands domestically, they are either lesser known or unknown to a global audience.

Assocham secretary general DS Rawat said, "Indian companies can get their message across to a much wider audience using F1".

India is way behind in international branded merchandise market. Events like 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.

"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 represents cutting-edge technology, reliability, speed, efficiency, teamwork, high performance, innovation, dynamism, fun and glamour - positive values that companies can spend decades trying to associate with their brands.

Sport is a powerful marketing medium because it engenders strong emotions. F1 offers the opportunity to tap into the passion of viewers to link those emotions with the brand. "Companies can create brand engagement in a compressed timeframe, and this can drive measurable business performance," added Rawat.