What Is The Nobel Prize? | Summachar

Hello and welcome to another exciting video of Summachar!

Whether you are a Science or Literature enthusiast or even a crusader for Peace, you must have definitely heard about the famous Nobel Prize. In this video we will know the story of its origin.

Nobel Prize is set of prestigious, annual international awards, bestowed in recognition of academic, cultural, or scientific advances.

Swedish chemist, engineer and industrialist Alfred Nobel had mentioned in his will that these international prizes be established.

They were formally established in 1895.

Alfred wrote that the Royal Swedish Academy of Sciences was to take charge of the physics and chemistry prizes, the Karolinska Institute for the medicine prize, the Swedish Academy for the literature prize and Parliament of Norway for the peace prize.

Economic Sciences award was established in 1968 by a donation from Sweden's central bank.

Technically it is not considered a Nobel Prize because it wasn’t mentioned in Alfred’s will. However, it is administered by the Nobel Foundation itself, in the same ceremony as the Nobel Prize.

Apart from being recognized for their positive contributions to the betterment of society, Nobel Laureates are honoured with a medal, a diploma, and prize money of 9 million Swedish Krona or around $1 million USD as of 2020.