The Art, Culture and Languages Department, under the leadership of Deputy Chief Minister Manish Sisodia, said Rs 5,000 per month will be given to the artists individually.
The applications were invited from individuals working in the field of acting, direction, scriptwriting, dance, music and other forms of street performance, the department said.
"Fellows will be divided into 100 groups. Each group will have a maximum of 10 artists," it said.
The department added that each of these 100 groups will be performing at least four times a month.
"An individual fellow will be provided with Rs 5,000 per month and an additional Rs 4,000 will be provided for the group leaders of the individual groups for the logistical arrangements per show. The performances will take place across the city."
Sisodia said the step is being taken to encourage young talents.
"Street performers are a very important part of our cultural fraternity but they have not been recognized by the governments earlier. We want to empower, encourage and strengthen the street performing arts, therefore this initiative is being taken. Street theatre or 'Nukkad Natak' always gives a strong social message in the form of performance hence we believe this will help bring social change," Sisodia said.
Artists, between 18 and 40 years of age, can apply on the Delhi government's website before September 15. They will be selected on interview basis.
( With inputs from IANS )