It follows publication of recent poll that found almost 70 percent of city-bred Indians will closely follow the action in Beijing even as the country's cricket team tour Sri Lanka, where national hero Sachin Tendulkar needs just 172 runs to overtake West Indian Brian Lara as the most prolific Test batsman in history.

The joint venture between the Board of Control for Cricket in India (BCCI), who are now the richest cricket organisation in the world, and India's Sports Ministry has yet to be officially announced but members of the team travelling to Beijing for next month's Olympics are already receiving financial support.

The plan is for a joint venture in which the BCCI and Sports Ministry will each put in Rs 25 million (£285,000) to create a total pool of Rs 50 million (£577,000).

The latest BCCI newsletter said:  “The disbursement of funds to assist sportspersons selected for the 2008 Olympics has already begun.

"A special committee will be constituted to monitor the progress of this venture."Among the competitors receiving funds are those in boxing, judo, swimming, archery and wrestling.

The last time India won an Olympic gold medal was at hockey in the boycotted-Moscow Games in 1980.

This time, the eight-time Olympic champions have not even qualified for Beijing.

It has won one medal at each of the last three Olympics - Leander Praes took the bronze in the men's tennis singles in Atlanta 1996, Karnam Malleswari a bronze in women's 69kg weighlifting in Sydney 2000 and Rajyavardhan Singh Rathore a silver in the men's double trap shooting in Athens 2004.

The only time they have ever won a medal in athletics was at the 1900 Olympics in Paris when Norman Pritchard, who was of British descent, claimed silver in the 200 metres and the 200m hurdles.

He later moved to the United States where he became a silent movie actor under the screen name Norman Trevor.

He acted alongside Hollywood legends like Ronald Colman in movies like Beau Geste (1926), Clara Bow's father in Dancing Mothers(1926) and Tonight at Twelve(1929).

He also appeared in several Broadway shows.