The i1 Supercar Series, which was due to have pitted former grand prix drivers Jacques Villeneuve, Giancarlo Fisichella and Vitantonio Liuzzi against each other in Radical sportscars, has been postponed until next year.
The five-round championship was originally due to start on January 21 at Buddh, but as this clashed with election dates in India, the series was rescheduled to start instead on February 12 at Losail.
Now, series organiser Machdar Motorsports has decided that the first race will instead take place in 2013 in a bid to drum up interest among fans in Asia first.
Machdar CEO Darshan M said: "It is unfortunate that we have had to postpone the i1 Supercar Series to next year, but in the long term we feel this will benefit not only the series but motorsports in the country as well.
"The change in race calendar due to polling in Uttar Pradesh was already affecting the availability of the international circuits as well participation of the key drivers in the series. This, along with the team owners' request for more time, made this decision unavoidable.
"We have taken this hard decision of postponing the series with the consent of all stakeholders involved in the series. They have extended their full support towards this decision as they realise that this has been taken with the league's long-term interests at heart."
Liuzzi, who had signed up as one of the championship's drivers, agreed with the decision.
"The i1 Supercar Series is a great opportunity for India to make an important step in the motor sport industry," the Italian said.
"If the promoters took this important decision, I am sure that it has been done as an investment in the long term for the ultimate success of the series. This is why they have my support and availability for the new calendar."