Formula 1 chiefs are eyeing a return of the Indian Grand Prix after more than a decade away. But not, however, nearly as soon as the Asian country's sports minister has publicly pledged. India hosted an F1 race for just three years between 2011 and 2013, all three of which were won by Sebastian Vettel.

Politician Mansukh Mandaviya claimed yesterday that Red Bull will soon get the chance to defend their perfect record in the world's most populous country. "There will be an F1 race in India in 2027. This is 100 percent happening. The first race will be at Buddh International Circuit," he claimed.

But that would be an extremely ambitious timeline and one which F1 chiefs had made clear is a fantasy. They did, however, leave the door open to a return to India which is seen as a key economic market for the sport. An F1 spokesperson said: "While India is a valuable market for Formula 1's continued growth with an amazing passionate fanbase, we won't be racing there in 2027."

A source hinted there have been talks between F1 and the Indian government, but said: "We are not close to an agreement". The 2013 race at Buddh proved to be F1's last in India, as bureaucratic red tape rendered the event economically unviable. The state government of Uttar Pradesh decided at the time that F1 was a form of entertainment, not sport, and so profit-eating taxes were levied on the Grand Prix.

It was not a cost that the circuit, which was paying around £25million per year to F1 just for the rights to host the event, could bear. Mandaviya said the Indian government would work to remove that barrier and suggested other circuits in the country could be upgraded to host future races too. He claimed: "The government will help in getting the tax relaxations that had become a bone of contention, so that it is a viable venture for the organisers.

"Not just BIC, we have good tracks in Chennai and Hyderabad as well. Government's role would be to deliver on infrastructure and handle tax-related issues. For instance, if the entertainment tax cannot be altogether repealed, we will try to ensure that reimbursements are provided to incentivise the project. It is an inter-ministerial matter and we are trying our best to make it attractive for Formula 1.

Karun Chandhok, one of only two drivers ever to represent India in F1, thinks it will take years for those aspects to be sorted out. He said: "Good to see the ambition, but 2027 is too soon for the level of work needed to make this happen. I would love to see the Indian GP back, but the owners need to carry out work on the track, work on the financial model and the regulatory and taxation issues. 2029 or 2030 at the earliest."

F1 says there are around 79 million F1 fans in India, which represents only a small fraction of the country's population of 1.48 billion. There is no driver currently representing India, though Britain's Arvid Lindblad has Indian grandparents and drove an F1 car on the streets of Delhi during a Red Bull showrun in March.