The Indian Olympic Association on Tuesday welcomed the Union Cabinet's approval to bid for the 2014 Asian Games and said it would submit it's papers within a couple of days.

"This is a great step forward for the country as it would set a base for the Olympic Games in the country," IOA President Suresh Kalmadi told PTI over phone from Pune.

"Since it (Asian Games) is coming in the backdrop of the 2010 Commonwealth Games, same infrastructure could be used for it," he said.

Kalmadi said the IOA would submit it's bid to the Olympic Council of Asia within a couple of days.

"The last date to submit the bid papers is March 31. We have two days to submit all our necessary documents to the Olympic Council of Asia in Kuwait," he said.

He said it was a giant step for the Indian sports as it would create base for Olympic sports in the country and benefit the youth.

"In the President's speech they also spoke of the bid for 2016 Olympic Games, all this would create a base for the Olympic sports, besides cricket, in the country. The youth are to be benefited by this," he said.