A total of 734 youngsters were shortlisted for scholarship under the Khelo India Talent Development Scheme.
The scheme is a unique programme to nurture sporting talent.
Youth Affairs and Sports Minister Rajyavardhan Rathore said transformational changes have been introduced into Indian sports.
He pointed out that Catch Them Young is no longer a slogan but visible in government's action.
Col Rathore said his Ministry is trying to develop a sports system that connects local potential to global podiums, and encourages every Indian to have sports as a part of their lives for entertainment, education or excellence.
AIR correspondent reports, Sports Authority of India (SAI) has cleared 734 athletes for the scholarship.
An annual stipend of Rs. 1,20,000 will be given to each player on a quarterly basis to meet their out of pocket expenses, treatment of injuries and other expenses.
Various private, state and SAI academies have been accredited for the first time to create a strong ecosystem for nurturing talent.
A High Powered Committee accredited 21 non-SAI academies as well. The plan is to develop more such academies so that young athletes can get access to the best training without having to travel long distances.