The much-awaited statue, to be unveiled by British Prime Minister David Cameron and Indian Finance Minister Arun Jaitley on March 14, is being used as a means to encourage students to feel part of an historic event.
All participants, ranging from standard 1 to 12, will receive a certificate of participation jointly from the British High Commission and the British Council.
Three top submissions under each category will receive book vouchers as prizes.
The four categories include paintings on the theme 'Life of Mahatma Gandhi' for classes 1-5; classes 6-8 are invited to submit collage on the theme 'Indian Independence and Mahatma Gandhi' while classes 9-12 are invited to submit a 30-second video message on the theme 'What message would Gandhiji give to our country if he was alive today?'.
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Schools are also invited to submit a presentation showcasing any event conducted in the institution in 2014 on the theme of Mahatma Gandhi.
The Gandhi Statue Memorial Trust has been raising funds for the sculpture, created by leading British sculptor Philip Jackson, to go up alongside other iconic figures on the Parliament Square like Winston Churchill and Nelson Mandela.
The statue will be the focal point for the commemoration of the 100th anniversary of Gandhi's return to India from South Africa to kick-start India's independence movement.
Donations from around the world crossed the 1-million pound-mark with Infosys co-founder Narayana Murthy and steel tycoon Lakshmi Mittal among some of the many donors.