F1 supremo Bernie Ecclestone at the Hungarian Grand Prix told the media that the Indian Grand Prix could be dropped from next year's calendar.
Ecclestone said the number of races in the sport has been limited to 20 races and new races - Austria, New Jersey and Russia will be included in 2014 which will cause India to be knocked out.
"Is India going to happen next year? Probably not," Ecclestone was quoted saying by Reuters.
The F1 chief cited political reasons for the decision to keep India off the list of races for 2014.
The World Motorsport Council meeting in September is where Ecclestone will present the provisional 2014 calendar to the governing International Automobile Federation.
In 2011, India hosted its first race at the Buddh International Circuit (BIC). The race this year will take place at the Greater Noida circuit on October 27 which will be race 16 of the 19-race championship season.
Tough tax rules, financial viability and bureaucratic hurdles have been cited by Bernie Ecclestone as prime reasons for the race facing the axe.
Last month, race promoters Jaypee Sports International (JPSI) issued a statement responding to rumours that the race could be axed from 2014 saying, "Some international news organisations are trying to spread rumours that JPSI may not host 2014 Indian GP. This is totally baseless and malicious. Our agreement with Formula One Management is to hold F1 races at Buddh International Circuit (BIC) till 2015, and we are fully committed to do that."
"We are looking to hold talks with Ecclestone as to what prompted him to make such a statement. There is a possibility that some amendments could be worked out in the current contract to keep our place in the F1 calendar. Everything depends on the September meeting where the provisional 2014 calendar will be drawn up. The drivers want a maximum of 20 races and with the likely addition of three new venues, everything rest in the hands of Ecclestone," a JPSI spokesperson told PTI.
F1 triple world champion Sebastian Vettel has won both the races in India so far.
Tarun Joshi 29, who attended last year's race said, "This news left me shocked. F1 in India is followed by many people. The fun, enthusiasm and thrill at the track is awesome. If India loses the race many people will be disappointed."
Maria Pereira, 18, a student who watches F1 regularly said, "I was looking forward to going for the race when I start working and can afford it. But this news now means that I will have to go to some foreign country if I want to watch Lewis Hamilton, Sebastian Vettel and Nico Rosberg in action."
Salim Khan, 32, an engineer said, "When the first race happened in 2011, I was there and that moment was awesome. Everyone there was so thrilled and proud. This political mess is depriving fans of the opportunity of enjoying their favourite sport. I am personally extremely disappointed at the news. I just hope they decide not to cancel the race in 2014 as I've been there and the race atmosphere is awesome.
Heena Gurav, 25, a media professional said, "When the race in 2011 happened I was sure India would not be able to sustain F1 as it involves too much money. As a fan I'm deeply disappointed as political agenda is causing a hurdle to fans enjoying a sport they love. F1 is a sport almost all my friends watch much more than cricket, watching it as a group, the thrill and chill is much better than cricket. Having a race in your own country makes you proud as a fan."
Ojas Lalpuri, 39, a banker said, "I am hoping at the World Motorsport Council they decide to not axe India. I go to Noida every year to watch the race with my friends, no F1 race in India will be a big let down."
For final news of whether the Indian GP is included in the 2014 race calendar, fans will have to wait until September when the World Motorsport Council finalises and releases the revised final race schedule for next year.