Prime Minister will be honoured with this year's Seoul Peace Prize for his contribution to world peace through his economic vision.

Prime Minister Modi will become the 14th recipient of this coveted award.

"The Seoul Peace Prize Committee has decided to confer the 2018 Seoul Peace Prize on Prime Minister Narendra Modi, in recognition of his dedication to improving international cooperation, raising global economic growth, accelerating the Human Development of the people of India by fostering economic growth in the world's fastest growing large economy and furthering the development of democracy through anti-corruption and social integration efforts," read a statement from the Ministry of External Affairs.

The Award Committee recognised Prime Minister Modi's contributions to the growth of the Indian and global economies, crediting 'Modinomics' for reducing social and economic disparity between the rich and the poor.

"The Committee lauded the Prime Minister's initiatives to make the government cleaner through anti-corruption measures and demonetisation. The Committee also credited the Prime Minister for his contribution towards regional and global peace through a proactive foreign policy with countries around the world under the 'Modi Doctrine' and the 'Act East Policy'," the statement added.

Expressing his gratitude for the prestigious honour and in light of India's deepening partnership with the Republic of Korea, Prime Minister Modi has accepted the award.

The award will be presented by the Seoul Peace Prize Foundation at a mutually convenient time.

The Seoul Peace Prize was established in 1990 to commemorate the success of the 24th Olympic Games held in Seoul. Former chairman of the International Olympic Committee Juan Antonio Samaranch was its first recipient. Other winners include former United Nations Secretary-General Kofi Annan, German Chancellor Angela Merkel and former United States Secretary of State George Pratt Shultz.