India hosted three Grands Prix between 2011-13 at Greater Noida's Buddh International Circuit, before bureaucratic and taxation hurdles forced F1 out of the country.

While the financial troubles of organisers Jaypee Group has worsened in recent years, with one of the conglomerate's companies being declared insolvent by the government, Carey says he will continue to evaluate India's return on the F1 map.

"India is a country that certainly has great potential and as we go forward, we will continue to study," Carey told Indian news agency PTI.

"We have so far not got a chance to engage in depth yet, it has only been a little over half a year since the complete change in ownership."

"Our focus as of today is making sure that the 21 races next year is everything as it can be.

"But there are places around the world that present us with great opportunities for us to grow the sport overtime and certainly a country like India with the success and the growth it has had in recent years, makes it an exciting opportunity down the road."

India currently has two years remaining on its original five-year contract, but it is becoming increasingly difficult to accommodate new races on the ever-increasing F1 calendar.

Over 40 new venues have shown interest in hosting a race, according to F1 chiefs, while the 2018 calendar is already jam-packed with 21 races.

Carey is keen on expanding the sport to markets in Asia and America.

"We have interest from many countries around the world for races in the future. We are pretty full schedule right now. But Asian in general is tremendously important.

"We have talked about the opportunity to grow the sport in Asia as well as the Americas. It is truly a unique opportunity for us to reach out to new fans around the world," said Carey.

Indian Grand Prix's return is further complicated by previous tax issues, with the country's Supreme Court ordering F1 to pay $15.45 million in accrued taxes earlier this month.