This was conceptualised by the Parle centre of excellence.
Schools of the state will win awards based on the decoration of the puja pandal, said Shalin D Desai, product manager, Parle.
Nearly 500 schools -- from Kolkata, Siliguri, Durgapur, Howrah, Asansol, Kharagpur and Midnapore -- are expected to participate in this year's competition.
Last year, 378 schools participated in the competition.
The first prize will include a cash prize of Rs 75,000 along with two second prizes of Rs 50,000 each, five third prizes of Rs 25,000 each and 30 consolation prizes of Rs 2,500 each.
"The cash prize," said Desai, "is primarily meant for upgrading infrastructure, improving laboratory facilities, buying books and other study materials for the schools."
The entry to the competition is free.