Explanation:

• Two Indian economic scholars, Dr Jagdish Bhagwati and Dr C Rangarajan have been conferred with the inaugural Prof CR Rao Centenary Gold Medal (CGM) by the Indian Econometric Society (TIES) Trust.
• The award has been constituted by the TIES to commemorate the contribution of Prof Rao, an Indian-American mathematician and statistician, who is the founder president of the TIES, and doyen of mathematical statistics.
• The award will be given once in two years to an Indian or Indian-origin scholar for her/his lifetime contributions to the fields of theoretical and applied aspects of quantitative economics, and official statistics.