F1 should ideally be located in or around Hyderabad as this city is more centrally located more than most other Indian cities. So also the capital of India should ideally be shifted out of Delhi to Hyderabad as Delhi happens to be at one corner of India.
Let us not fool ourselves. Formula One is no sport. Only 20 or so in the whole world can participate while the rest, you and I included, are supposed to salivate over this circus. Unlike in other sports, there is no place for values. Like Americans, Indians should reject this costly thamasha.
He do can make a difference to indian's who are willing to take part in F1 because it is an upcoming sport in the world & for everyone who doesn't know that the richest sportperson of the year belongs to this sport(Michael Schumacher).So i think that there should be a F1 circuit in india too.