Playing with billions of dollars: What hosting the Olympics will mean for India
Olympic Games are the biggest sports events but they are mega business events too which need to be planned and executed keeping in mind all the possible costs and benefits. India, which is now trying to join the ranks of advanced economies and could become the world's third largest economy in a few years, has decided to throw its hat in the Olympics ring. Prime Minister Narendra Modi has confirmed India’s bid for the 2036 Olympics while inaugurating the 141st International Olympic Committee (IOC) session on October 14.
PM Modi also pitched the country to host the 2029 Youth Olympics, where athletes between the ages of 15 and 18 years compete.
“India will leave no stone unturned in our efforts to organise the Olympics in India in 2036. This is the age-old dream of 140 crore (1.4 billion) Indians, it is their aspiration,” Modi said.
India will be competing against at least 10 countries, including Poland and Indonesia,
However, hosting the Olympics is no child's play. A country has to go through a rigorous shortlisting process and it must be ready to spend billions of dollars.
How bidding of Olympics happens At present, all the slots to host the Olympics have been booked till 2032.
The next available edition of the Olympic Games (Summer Games) is 2036. The election of the host will commence after 2025. Paris has been granted the rights for the Summer Olympics 2024, and 2028 belongs to Los Angeles.
Both have prior experience in hosting this international event. Brisbane has bagged the rights to host the 2032 games.
The bidding process starts with the National Olympic Committee (NOC) of the interested nation submitting an official 'letter of intent' to the IOC.
