Srivastava, who has a PhD from Yale University and is presently based in Bangalore, is part of a three member team which found a solution to the Kadison-Singer conjecture that pertains to the mathematical foundations of quantum mechanics.
"It is definitely inspiring and motivating to be put on a list with so many great mathematicians," said the Indian mathematician from Microsoft Research India.
Experts are of the opinion that the implications of this breakthrough could be significant.
The Prize was presented to Srivastava and colleagues Adam W Marcus and Daniel A Spielman by Irene Fonseca, professor of mathematics at Carnegie Mellon University and current president of Society for Industrial and Applied Mathematics.
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The Kadison-Singer conjecture was first proposed by Richard Kadison and Isadore Singer in 1959.
Established in 1969, George Polya Prize is given every two years alternately in two categories: for a notable application of combinatorial theory; and for a notable contribution in another area of interest like as approximation theory, complex analysis, number theory, orthogonal polynomials, probability theory, mathematical discovery and learning.
Srivastava is interested in theoretical computer science, linear algebra, random matrices and convex geometry.