The announcement of the Nobel Prize winners begins today, starting with the prize in physiology or medicine. The laureates will be announced starting Monday (October 5).

True to tradition, the winners across six categories will be announced over six consecutive days. While the Peace Prize is announced from Oslo, Norway, the laureates in medicine, physics, chemistry, literature, and economic sciences are announced from Stockholm, Sweden.

As per tradition, the Nobel announcements commence on the first Monday of October each year. The winner of the Nobel Prize in Medicine will be announced today at 3:30 PM.

Announcements will follow for Physics on Tuesday, Chemistry on Wednesday, Literature on Thursday, and the Nobel Peace Prize on Friday. Additionally, the laureate for Economic Sciences will be announced on October 12.

The Nobel Prize has been regarded as the world's most prestigious and valuable award for over a century. It is funded by the fortune left behind by Swedish scientist and industrialist Alfred Nobel.

Nobel was the inventor of dynamite. Five years after his death, the prize was inaugurated in 1901. While Alfred Nobel's will outlined five specific fields, economics was not among them.

In 1968, a special decision by Sveriges Riksbank (the Bank of Sweden) established the prize in economic sciences. Since then, the economics prize has been announced and awarded alongside the other Nobel categories.

The economics prize is often referred to as the "Alternative Nobel Prize." On December 10, marking Alfred Nobel's death anniversary, a solemn ceremony in Stockholm and Oslo will present each laureate with a check for 12 million Swedish Krona (approximately 12 million BDT), a diploma, and a gold medal. If a prize is shared by multiple individuals or organizations, the prize money is divided equally among them.