F1 already has a decent audience in the middle class and above segments in India. Unless Force India or an Indian driver in F1 is successful, the popularity will largely remain the same.
Moreover, the tickets for Indian GP, if and when it takes, should be affordable. The average ticket price for F1 racing around the world is around more than Rs. 10000 for an average grandstand seat. For India, the tickets should be priced keeping the average Indian's earning power in mind.