What is the use of "MATCH" and "INDEX" function in excel, please give example.

It is like Vlookup 

The INDEX function can return an item from a specific position in a list.

The MATCH function can return the position of a value in a list.

The INDEX / MATCH functions can be used together, as a flexible and powerful tool for extracting data from a table.

Suppose you have a rate table with style and its rate. 

Another table with the details of each style with respect to colour. 

With index and match, you can match the rate to the second table.