It's difficult to talk about indexing scholarships without talking about indexing other things, such as grants. Once indexing applies to one half of the system, it has to apply to the other.
Indexing would be insufficient, in my humble opinion. What we need is an in-depth review of the formula used to calculate the value of research and the value of the work once completed. Then, the entire system needs to be adjusted on that basis. It also needs to be adjusted to reflect how the situation has evolved around the world.