The scheme, now named the Swami Vivekananda Scholarship for Academic Excellence (SVS), was originally established by the previous Congress government as the Rajiv Gandhi Scholarship for Academic Excellence. Since its launch in 2021-22, the number of beneficiaries has increased significantly, with 73 students benefiting initially and an allocation of over Rs 5 crore. By 2023-24, the state government had spent more than Rs 1.07 billion on the scheme, benefiting 372 students. Rajasthan Chief Minister Bhajan Lal Sharma emphasized that the scholarship initiative reflects the government's commitment to empowering students through higher education. According to an official statement, the initiative aims not only to provide financial assistance but also to invest in the future leaders, innovators, and changemakers of society.

The primary objective of the SVS is to support students from Rajasthan pursuing undergraduate, postgraduate, PhD, and post-doctoral research programs at globally top-ranked universities (ranked 1-150 by Times Higher Education) and the top 50 institutions in India according to the National Institutional Ranking Framework (NIRF). The scholarship covers various expenses such as living costs, tuition fees, and other academic expenses, making it feasible for students to attend prestigious educational institutions.