With the Indian Middle class increasing in size all sports should see a rise in interest/participation- football, athletics, motorsports etc. India is so large there is easily enough room for India to excel in a number of sports not just cricket and for them to be sustained by the private sector once the domestic demand is high enough. AFAIK there is some sort of IPL like soccer league being started in India, a few Indian youngsters have been signed for international football academies like Manchester united's but these things will take time to develop on their own- look at China, they have some pretty large football teams who can afford some pretty well known international football teams however they have no presence when it comes to their national football team.
The govt does have a role in creating a national infrastructure for young talent to rise up for Olympic and Commonwealth events however.
Another 10-15 years for India maybe.