Is Formula One Racing a Sport?

One can argue about auto racing being a sport I suppose, although it seems fairly well settled, at least among the western industrialized world. In India, however, it has proved to be a different matter altogether. It seems that Formula One racing, the world's most popular form of auto racing, is not considered to be a sport, at least by the Indian government. I've never been a big of car racing myself, but I certainly think there is more to F1 racing, as both a spectator and a driver, than there is to Nascar with its endless left turns around an oval. There is no doubt, that there is skill involved in both forms of racing, but I guess in India, where 3-5 day cricket matches are king, it just qualifies as entertainment.