The award citation also credited Gupta with "reminding the world that true giving always respects and preserves human dignity".

The foundation said Chaturvedi was being recognized for "his exemplary integrity, courage and tenacity in uncompromisingly exposing and painstakingly investigating corruption in public office, and his resolute crafting programmes and system improvements to ensure that government honourably serves the people of India".

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Established in 1957, the Ramon Magsaysay Award is Asia's highest honour and is widely regarded as the region's equivalent of the Nobel Prize.

Gupta heads the NGO Goonj, which believes in reusing clothes and other material to turn into a valuable resource, to create "a parallel economy which is not cash-based but trash-based".

An elated Gupta told IANS: "I am certainly very happy to receive this award... Our work has been recognized."

Chaturvedi said he would make a statement later in the day.

Other winners announced on Wednesday are Kommaly Chanthavong (Laos), Ligaya Fernando-Amilbangsa (The Philippines) and Kyaw Thu (Myanmar).

The Magsaysay awards celebrate the memory and leadership example of the third Philippine president after whom the award is named.

It is given every year to individuals or organisations in Asia who manifest the same selfless service and transformative influence that ruled the life of the late Filipino leader.

The five 2015 Magsaysay awardees join the community of 307 other Magsaysay laureates who have received the honour to date.