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Visuals from the 2016 Rio Olympics Income from the Games hardly covers a tiny percentage of the expenses.

"Clearly, the world will be saved by women.

As a sporting nation with a healthy economy, India has the potential, he said.

For the 2032 Games, there was no bid in process and the IOC awarded the rights to Brisbane directly.

It stated that most cities found themselves immersed in debt after hosting the Games, especially those that did not have the necessary infrastructure and had to build everything from scratch.

But will it be economically and financially wise for India to host the Games, given the evidence that disfavours hosting the sporting extravaganza? Cities that host the Olympics create temporary new jobs and benefit from upgraded infrastructure.

The Olympic Games are more than just a mega sporting event.

And even if India wins the bid, will taxpayers bear most of the expenses as Japan did? And now, Delhi chief minister Arvind Kejriwal dreams of hosting the 2048 Olympics.

Contrary to common notions, the Olympic Games have almost turned into a lossmaking venture, leaving behind a financial mess that typically takes years to recuperate from.

Although many believe that the resulting tourism and foreign investment more than make up for the costs incurred, in most cases, the Games have proven to be overly expensive, leaving behind only a trail of economic woes.