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The key objectives of these awards are to acknowledge and promote academic excellence of students, provide formal recognition to achievements of students which can be included in their curriculum vitae
The purpose of award ceremonies and assemblies is to celebrate academic achievements of students and motivate them to continue on their path. It really depends on who it is. If there are students who have not been able to get awards, they will not be able to enjoy. On the other hand if the students are winning something they will probably be proud of themselves along with their parents.