A meeting of the Union Cabinet, chaired by Prime Minister Manmohan Singh, gave its approval to the revised draft agreement between the two countries and also change the nomenclature of the Fulbright Scholarship to 'Fulbright Jawaharlal Nehru Scholarships and Grants'.
The agreement provides for the creation of the "US India Educational Foundation" awarding such scholarships, Information and Broadcasting Minister P R Dasmunsi told reporters after the meeting.
He said initially about 240 students from India and a similar number from the US would be sponsored annually under the programme.
India and the US have envisaged bilateral education initiatives at the people to people level and this agreement will be a land mark initiative, he said.
The programme was also intended to complement and supplement bilateral initiatives in agriculture, clean energy, climate change, science and technology and global issues of common concern.
