Nobel Prize Award Amount Increased to Over ₹8 Crore For 2023

Stockholm: The Nobel Foundation has announced an increase in the award amount for this year’s Nobel Prizes due to the recent depreciation of the Swedish currency. The prize will now be raised by 1 million kronor (₹74.57 Lakh) to a total of 11 million kronor (₹8,20 Cr).

The decision to raise the prize amount was made based on the Foundation’s financial stability amidst the challenging economic conditions caused by the plummeting Swedish currency. Sweden has been grappling with high inflation, which stood at 7.5 percent in August, significantly above the 2 percent target set by the country’s central bank, Riksbank.

The history of Nobel Prize amounts reveals their fluctuation over the years. When the Nobel Prizes were first awarded in 1901, the prize amount was 150,782 kronor per category. In recent times, adjustments have been made to the prize amount. In 2012, it was reduced from 10 million kronor to 8 million kronor as part of an effort to strengthen the Nobel Foundation’s finances. Subsequently, in 2017, the prize amount was increased to 9 million kronor, and in 2020, it was raised to 10 million kronor.

The announcement of this year’s Nobel Prize winners is scheduled for early October. Laureates will be invited to receive their awards at prize ceremonies on December 10th, which marks the anniversary of the death of Alfred Nobel, the founder of the awards. The Peace Prize ceremony will be held in Oslo, in accordance with Nobel’s wishes, while other award ceremonies will take place in Stockholm.

It’s worth noting that Sweden, despite its close proximity to the eurozone, remains outside the European currency. In a referendum held two decades ago, Swedes voted against joining the euro, maintaining their distinct currency system.