The scheme will be promoted by National Sports Development fund and will support India's best medal prospects for Rio de Janeiro 2016 and Tokyo 2020 Olympics and other major sporting events up to 2020 games.
Sports Ministry sources said that it has also been decided to constitute a TOP scheme elite athletes identification committee under BJP MP and executive member of IOA Anurag Thakur.
The committee will evaluate and select around 75 to 100 talented potential medal prospects with 25-30 on watch list for 2016 and 2020 Olympics.
The focused disciplines will be athletics, archery, badminton, boxing, wrestling and shooting which have been India's best medal hopes so far.
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India has won only 26 medals in its Olympic history, which include nine gold, six silver and 11 bronze. Out of nine gold, eight have been won by the Indian hockey team in 1928, 1932, 1936, 1940, 1944, 1948, 1952, 1956 and 1980. The only individual gold medal is won by Bindra, who is the member of Sports Ministry's committee.
Applications will be invited from NSFs and individuals. Back up research will also be conducted on shortlisted applications.