Team Goemkarponn
PANAJI: The Goa government spent ₹36.90 crore from public funds on the Formula 4 racing event held at Mopa, according to official records placed before the Goa Legislative Assembly.
The expenditure was incurred through the Entertainment Society of Goa (ESG) for the Indian Racing Festival, with the event involving substantial government spending and additional costs borne by state departments.
Under the agreement between the government and the event organisers, Goa was entitled to receive 30% of the festival’s total revenue, including income generated through ticket sales.
However, the exact amount received by the government has not been disclosed so far. The promoter’s accounts are reportedly still under examination, leaving the final revenue generated for the state unclear.
The government also waived the organisers’ stipulated 50% share of the electricity expenses incurred during the event. As a result, the entire electricity bill, estimated at nearly ₹2 crore, was borne by the Goa Electricity Department.
This effectively added another significant financial burden on the state beyond the ₹36.90 crore expenditure incurred through the ESG.
Despite the sizeable public expenditure on the event, no formal cost-benefit analysis was undertaken to assess the financial returns, economic impact or overall benefit accruing to Goa from hosting the racing festival.
The disclosure in the Assembly has raised questions over the financial viability of the event, particularly in the absence of a completed assessment of government revenue and the economic returns generated from the public investment.
