Aman, truth be told, India is stlll yet an upcoming Nation when it comes to diversified opportunities. From being an prime agricultural country to having a booming IT sector, it has taken us more than 70 years. Now if you talking about Sports as a career option,  the lack of proper guidance, coaching, infrastructure and more importantly awareness have always been the hindrances. Cyclists do participate in races and the Sponsors usually take care of the money that is earned in every race or Tournament. The prize money depends on the revenue each Tournament generates. So it is not a fixed job where in you get paid every month. You get paid according to your performance in each tournament. And I doubt there is any such Cycling tournament federation in India.