It really depends on what are your expectations. This sort of stat board specific individual scholarship scheme is quite decent - you get the benefit of a free post graduate education with maybe a 3-5 year bond.

Some stat boards also automatically place your CEP (or whatever is the equivalent) on at least somwehere like MX9/10 upon completion of studies. So in the sense you might get a slight advantage compared to other farmer civil servants.

However if your expectations is something like PSC or SAFOS where you have a shot to becoming AO, general and governmenet groom you for MOS/PS/DS/CE positions etc then I say forget about it. You might as well try for a MAP in the private sector.