The scholarship would be given to a student who demonstrates strong participation in cricket and he will have half his or her tuition fees paid for the duration of a degree at the University of Wollongong, near Sydney.
"We believe this is a wonderful opportunity for a young person from India who is passionate about cricket and passionate about learning," university vice-chancellor Professor Paul Wellings said in a statement.
The university is offering the scholarship with the Bradman Foundation, a charitable trust established in 1987 to promote cricket as a cultural and sporting force.
"Sir Donald Bradman left an enduring legacy to the game of cricket with his incredible achievements, and Indian cricket fans understand that as well as anyone," former Australian wicketkeeper batsman Adam Gilchrist said.
"Sir Donald, through the establishment of the Foundation that bears his name, also had a vision that through education and the advancement of youth, cricket could be strengthened and advanced," he said.
