These are exciting times for those who dream of flying on the ground. An Indian industrialist has acquired a Formula One (F-1) racing team, and India will host the F-1 Grand Prix in 2010. For racers — and those who’d like to take up racing as a profession — life is certainly speeding up.

“If everything goes as planned, I see very good prospects for motor racing in the next few years,” says Indu Chandok, one of the founding members of the Madras Motor Sports Club (MMSC). Chandok knows what he is talking about — his grandson, Karun, recently won a Grand Prix 2 Series race, a first ever by an Indian. The Grand Prix 2, or GP2, is the level just below F-1.

To be eligible to participate in GP2, aspirants have to first take part in Formula India before going to Formula Asia and then Formula 3. The F-1 Grand Prix is the peak every professional racer wants to reach. What makes these races different is the power of the engines. In Formula Asia, cars can reach up to 270 kph whereas in GP2, they can reach 320 kph. Drivers have to master the car in each category before they are allowed to go to the next one.

But that comes later. The first hurdle is a monetary one. “There is no doubt that it is an expensive sport. Initially, people have to invest quite a bit of money,” says Robin Shroff, administrator, Motorsports Association of India (MAI), Mumbai. MAI is the nodal agency for licensing and organising motor sport events in the country.

Dreams tend to break such barriers. “I come from a middle class family, but I had the passion to race and hence I have held on to it,” says Calcutta racer Amitrajit Ghosh, who has shifted to rallying after a few years on the racetracks as he finds this form of sport more rewarding.

But first things first — how do you find out that you are cut out for racing? Simple, try go-karting! “It doesn’t cost much to know whether you have the knack. A go-kart track will help you find out if you have it in you,” says Ravi Kumar, chairman, Calcutta Motor Sports Club (CMSC).

Go-karting teaches the basics of racing. There are more than 30 karting circuits in the country — including Mumbai, Delhi, Chennai and Goa. Some of the greatest F-1 drivers, such as Ayrton Senna and Michael Schumacher, began their careers on the go-kart track, as did India’s Narain Karthikeyan. It costs Rs 500-800 to do 20 laps of a go-kart track.

I would advise youngsters interested in a career in motor racing to first take it up as a hobby,” says Shroff. Ghosh, who did four years of racing before he turned professional, says, “They can start off with karting championships and then move up the ladder.”

But that is no easy job. No matter how talented an individual is, money will always be a factor. For instance, a youngster has to do at least 1,000 laps of practice just to be ready to participate in a karting championship. Go-karting champions earn anything between Rs 10,000 and Rs 50,000 as prize money.

But it is from the karting circuit that future F-1 champions will be found. “I will keep an eye on our karting championships to identify talent that can be developed into potential candidates for the (racing) team,” industrialist Vijay Mallya, who recently bought the F-1 racing team, Spyker, told Formula1.Com, the official website of F-1.

There is no age limit for taking up racing but conventional wisdom says that the younger you start, the better it is. Karun Chandok was 17 when he won Formula Asia.

Automotive battery company Amaron, which is a major sponsor of go-karting championships in the country, offers free training to a few youngsters who make the grade. “Once the experts identify talented youngsters at the races, they are trained under Karthikeyan,” says Jay Galla, managing director, Amaron, Chennai. Karthikeyan and Amaron have joined hands to set up a racing academy in Coimbatore.

Those interested also have the option of joining Indian teams such as Karthikeyan’s NK Racing, Team Prime, Gemini Racing Team and Team WSRF (which is run by Wallace Sports and Research Foundation, Chennai) and taking part in the Formula India championships. Pramod Kumar of the MMSC believes that the prize money for the race will increase in the coming years as more sponsors step in.

On an average, if a racer has to depend just on prize money, he could earn Rs 20,000-30,000 per month. But a good racer also wins sponsors. Whoever does well at Formula India will have the confidence to seek sponsors for bigger events like Formula Asia. And, industry insiders say, they will not have to look very hard.

“Talent alone is not enough, one needs to develop it. This requires raising funds from organisations willing to sponsor talented racers,” says Ravi Kumar. Apart from sponsors, you need to have the right bent of mind and skills for racing — along with nerves of steel. “You should have clear goals and a systematic approach to your career,” adds Kumar.

For enthusiasts, there are a few training academies, including the Narain Karthikeyan Academy, Coimbatore, MECO Motorsports Pvt. Ltd, Chennai and Advanced Driving and Corporate Academy, Chennai. Most of them offer short-term courses where budding racers are taught the basic and advanced racing skills. The training can cost between Rs 20,000 and Rs 60,000.

“Youngsters who are ready to take on challenges will do well in future,” Chandok stresses.