"This is an extremely positive development for Indian football and I am confident India will be able to make a formidable and successful bid with the backing of the Union Government of India even though there are some other strong contenders," Patel said in a statement.
The Union Cabinet today gave the go-ahead to India's ambitious bid to host the tournament by giving its approval to the proposal for submitting guarantees sought by the All India Football Federation.
Ireland, Uzbekistan and South Africa are the other three bidders.
AIFF general secretary Kushal Das, too, welcomed the government's decision to approve its bid.
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"It's a great decision, a game-changer for Indian football, provided we successfully get the under-17 World Cup," Das told PTI.
The tournament is already being backed by FIFA Secretary General Jerome Valcke.
The quadrennial event will involve 24 of the best youth teams in the world and is expected to be held in Mumbai, New Delhi, Kolkata, Goa, Bangalore and Kerala if India is successful in winning the bid.