Interestingly any medal at Olympic games makes you an instant celebrity and of course relatively rich... Sushil Kumar, who won a silver medal at London Olympics got around $ 650,000 + (this is really huge considering teh cost of living in India) with a huge land for the state government. He also won several sponsorship deals thanks to his Medal. Mary Kom's bronze has led her to become even more popular, now a Bollywood Movie is in production. So monetary incentive in wining an individual medal is quite high.
Football is popular, and viewership of English Premier League is quite high. However, a domestic league I don't think is going to change the fortune of Indian football. It needs a miracle, a huge miracle.
P.s. For any curious minds Indian national sport is field hockey and not Cricket.