The Nobel Prize was established in 1901 in Stockholm, Sweden to honor achievements in physics, chemistry, physiology/medicine, literature, peace, and later economics. It is one of the most prestigious awards in the world. Nominations are submitted and winners are chosen by committees in each category. Winners receive a diploma, medal, and large cash prize at an annual award ceremony held on December 10. Some notable Indian recipients include Rabindranath Tagore, C.V. Raman, Hargobind Khorana, and Amartya Sen.