The Nobel prizes are widely regarded as the most prestigious awards all over the world given to individuals who perform magnificent in the field of Physics, Chemistry, Literature, physiology, peace and Economics. The Nobel prizes, instituted 1901, are bestowed annually by the Scandinavian Committees(Denmark, Norway, Sweden, usually Finland and Island)in recognition of cultural and scientific advances. The Peace price is awarded in Oslo, Norway, while the other prizes are awarded in Stockholm, Sweden. Each Nobel prize is regarded as the most prestigious award in its respective field and is administrative by the Nobel Foundation in Stockholm, Sweden.

The story behind the establishment of Nobel prize is also spellbinding. The man behind the foundation of the Nobel Prize is Alfred Bernard Nobel, a Swedish scientist, inventor, entrepreneur, author and pacifist. The foundations for the prize were laid in 1895 when Nobel wrote his last will, leaving much of his wealth to the establishment of the Nobel Prize. Noble amassed a vast fortune during his lifetime and most of his wealth came from his 355 inventions, of which dynamite is the most famous. In 1988, Nobel’s brother Ludvig died while visiting Cannes and a french newspaper erroneously published Nobel’s obituary. It condemned him for his invention of Dynamite and is said to have brought about his decision to leave a better legacy after his death. The obituary stated (“The merchant of death is dead”)and the headlines read, “Dr. Alfred Nobel, who became rich by finding ways to kill more people faster than ever before, died yesterday”.Nobel was left shattered was heartbroken with what he read and thought how he would be remembered after his death. On November 27, 1895, at the Swedish- Norwegian Club in Paris, Nobel signed his last will and testament and set aside the bulk of his estate to establish The Nobel Prizes .On December 10, 1986, Nobel died in his villa in San Remo, Italy from acerebral haemorrhage at the age of 63. Nobel, in his will, stipulated that “no consideration be given to the nationality of the candidates, but that the most worthy shall receive the prize, whether he be Scandinavian or not”. And so, six years later, in 1901, the first Nobel Prizes were awarded to 3 Germans, 2 Frenchmen and a Swiss. Professor Amartya sen(born 1998) was the first Indian to receive the Nobel Memorial Prize in Economics in 1998 for his work on welfare economics. He has made several contributions in to this field such as, such as to axiomatic theory of social choice; the definitions of welfare and poverty indexes ; and the empirical studies of famine. All are linked by his interest in distributional issues and particularly in those impoverished.