Mansukh Mandaviya, India's sports minister, formed a task force of ten experts.
Members include senior officials from the sports ministry, tourism, commerce and the states of Uttar Pradesh and Maharashtra.
Yugal Kishore Joshi, an adviser at the National Institution for Transforming India, will chair the group.
The team will develop a sustainable growth strategy for motorsports and outline steps for a 2028 Formula One event.
India's previous Formula One race took place at the Buddh International Circuit in 2013.
The committee, led by Yugal Kishore Joshi from the National Institution for Transforming India, will assess safety, financial and infrastructure challenges.
The aim is to create a comprehensive plan that could see a Formula One Grand Prix on Indian roads by 2028, after the last race in 2013.
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