The South Asian nation was confirmed on Tuesday by the International Olympic Committee (IOC) as one of the seven countries interested in hosting the 2036 Summer Olympics, alongside Qatar, South Africa, Germany, Hungary, Turkey and South Korea.
"For India, hosting the Olympic and Paralympic Games would be a generational opportunity to place sport at the heart of national life," the Indian Olympic Association said in a statement.
India has stated its intention to host an Olympics for the first time, centred on Ahmedabad, a key city in Prime Minister Narendra Modi's home state of Gujarat.
Ahmedabad will host the 2030 multi-sport Commonwealth Games, seen as a major rehearsal for an Olympics. The city is also home to the world's largest cricket stadium.
Hosting the Games in India, the national association said, would be a "chance to enter a new era of universality" for the Olympic movement, "connecting the Olympic and Paralympic movements with one of the world's youngest, most dynamic and digitally connected populations".
Indian Olympic Association President PT Usha said it looked forward to presenting the country's bid to the Future Host Commission "for the first time at the end of October".
The 2028 Summer Olympics will take place in Los Angeles, while Brisbane has been awarded the 2032 edition.