During their stay at the Brisbane-based academy from June 20-July 31 the players will receive specialist coaching and development support from some of Australia's leading academy coaching staff, including head coach Tim Nielsen.
The young Indians will also participate in an emerging players tournament next month involving the New Zealand Cricket Academy, Australian Institute of Sport scholars and players from Karnataka State in India.
Academy director Trevor Robertson said the scholarships offered the young cricketers a tremendous opportunity to broaden their playing and personal experience.
"Since the Border-Gavaskar scholarship was launched, we have seen a number of promising Indian players visit Australia to participate in some of our coaching programs and gain valuable experience under foreign playing conditions," Robertson said in a Cricket Australia (CA) statement.
"It's a tremendous opportunity for the players and the three young Indian cricketers have been earmarked in their country as players of the future for India.
"The experience they will gain while at the Centre of Excellence will hopefully help their growth on a personal and playing level.
"Australia and India share a passion for cricket and we are pleased that through the Australia-India Council, we are able to provide an opportunity to host these talented cricketers."
The scholarship program was founded in 2000 as a joint initiative between Cricket Australia and the Australia-India Council (AIC).
The scholarships are financially supported by the AIC, which was established in 1992 to strengthen and foster ties between Australia and India across a range of sectors, including sport.
The Border-Gavaskar scholarship, named in honour of cricketing legends and former captains Allan Border (Australia) and Sunil Gavaskar (India) is also supported by the Board of Control for Cricket in India (BCCI).