Wrestler Sakshi Malik, who opened India's account at the Rio Olympics with a bronze medal in the women's 58 kilogram freestyle category, will be carrying the flag at the closing ceremony on Sunday.
The other Indian medallist P. V. Sindhu, who captured silver in the women's singles category of the badminton competition, has already left for India.
"Sakshi and P. V. Sindhu have been the medallists for us and both displayed immense courage and determination during their competitions.
Sakshi started the account for us and later Sindhu became the first Indian woman to win a silver medal.
Sindhu, in fact, came close to making it a gold.
Both Sakshi and Sindhu are young and have many more Olympic Games ahead of them, we can look forward to even greater performances from them, " Rakesh Gupta, Chef de Mission of the Indian contingent said.
"Our Honorable Prime Minister, Mr. Narendra Modi, has always encouraged each citizen to open a bank account and been very encouraging to women in all spheres.
Likewise, Sakshi opened the medal account for India in Rio and Sindhu added to it.
These young ladies have been an inspiration for all women in India and I am sure many more will follow them, " he added.
Indian Olympic Association (IOA) President N. Ramachandran came to the Olympic Village and wished the two medallists and their coaches.
"I met Sindhu and Gopi and also Sakshi and her coach, Kuldeep.
They have been great performers.
I also congratulate others who came close to medals, like Abhinav Bindra, Dipa Karmakar and Sania and Rohan Bopanna.
They were good enough for medals, but it was not their day, " Ramachandran said.
"I wish them and all the others for their efforts and we hope that we can do even better in the future. "
"Both Sindhu and Sakshi have been consistent performers.
Sakshi has won medals at Asian Championships, Commonwealth Games and now Olympic Games.
Sindhu has been a Asian Games medallist, two times World Championship medallist and now an Olympic silver medallist, " he added.