Chinese city Hangzhou was the lone candidate to bid for hosting the 2022 Asian Games. The decision comes shortly after Beijing won the right to host the 2022 Winter Olympics.
The Prime Minister hosted the Asian Games 2014 medallists at his residence on Tuesday morning, where he felicitated the medal winners and some coaches.
Asian Games champion Tai Cheau Xuen stripped of her gold medal and Martin Lim reportedly said he was "taking full responsibility."
India won 57 medals, including 11 golds, at the 17th edition of the Asian Games in the South Korean city.
Seema Punia won gold in the women's discus throw at the Incheon Asian Games with a personal best of 61.03 metres.
Quarter-miler Tintu Luka, who won one gold and silver, would get Rs.25 lakh and her coach PT Usha would get Rs 2 lakh.
The seven missing from the Asian Games include three from Nepal, two from Sri Lanka and one each from Bangladesh and Palestine.
Speaking at a reception accorded to gold medalist M R Poovamma in Mangalore on Tuesday, Karnataka Sports Minister Abhayachandra Jain said Rs 7 lakh would be given to silver medalists and Rs 5 lakh to bronze medalists at the Games. Poovamma will get Rs 10 lakh for her gold.
China won 151 gold medals at the two-week Games in South Korea, but no titles in football and basketball, the world's most popular sports.
Seema Punia, the only individual gold medallist among track and field athletes in the South Korean city, rued the lack of financial support and expects corporate sponsorships coming her way to prepare for next year's World Championships and Rio Games.
A hockey player and a member of the beach volleyball team were unaccounted for at the time Sri Lanka's 80-strong contingent prepared to leave.
Failed doping tests, ham-fisted bureaucracy and judging scandals all reared their ugly head at the Asian Games, the constant trickle of controversy providing a reminder of the fact that for every modern sports hero, a villain of the piece often lurks.
Between the "Gangnam Style" opening ceremony and Saturday's spectacular close, 17 world records fell and dozens of potential Olympic champions were unearthed.
The Olympic Council of Asia (OCA) says it is working towards admitting Pacific nations in future Games, paving the way for the likes of Australia and New Zealand to take part.
Incheon Asian Games was hailed as a brilliant success and a model for future multi-sports events despite being tarnished by doping, crime and rows over religious freedom, women's rights and judging.
The formal closing was done at the Incheon Asian Games Main Stadium by Olympic Council of Asia president Sheikh Ahmad Fahad Al-Sabah after an impressive cultural show that kept the crowd enthralled.
There was plenty of emotion, drama, suspense and heartbreak, a few stirring feats as India left Incheon with 11 gold medals, down from 14 in Guangzhou four years ago, and finished two spots lower than the sixth place it gained in the medals tally last time.
The 2014 edition of the Asian Games ended on October 4 with a spectacular closing ceremony in Incheon.