Investment for an Olympics-type event can be useful if it results in the creation of durable multipurpose infrastructure like transit lines though.
The US Space Race helped us become a leader in satellite launch, which is a productive industry on its own terms now. Weather satellites, GPS, telecoms all benefit from it and provide tangible benefits to the population.
I’m not sure if Indian investment in space is more toward the useless or useful side of the spectrum though.
The thing that I do wonder is when a country like India is just replicating the work already done by the USA, how much of the innovation / potential has already been tapped. (Or now with the USA return to the moon program, is developing Orion and SLS and the gateway really going to do much that the Apollo program didn’t?)