NEW DELHI: Prime Minister Narendra Modi has been conferred with the prestigious Seoul Peace Prize 2018 in recognition of his contribution to the growth of the Indian and global economies. PM Modi was credited for 'Modinomics' that the award committee said "reduced social and economic disparity between the rich and the poor in the country".

The Seoul Peace Prize Cultural Foundation, headed by Chairman Kwon E-hyock, made the announcement following its final selection meeting in Jung-gu, Seoul. The committee labeled Modi “the perfect candidate.”

Choe explained that PM Modi was chosen for his efforts to improve the lives of India’s 1.35 billion people, for establishing economic cooperation ties with various countries to improve human welfare and promote world peace and for greatly contributing to the stability of the Asia-Pacific region by promoting international cooperation through diplomatic policies.

Modi is to be presented with an award, plaque and honorarium of $200,000.

Expressing his gratitude for the prestigious honour and in light of India's deepening partnership with the Republic of Korea, PM Modi has accepted the award, said the ministry of external affairs in a statement. The award will be presented by the Seoul Peace Prize Foundation at a mutually convenient time.

The Seoul Peace Prize committee further lauded PM Modi's initiatives to make the government cleaner through anti-corruption measures and demonetization.

The committee also credited the PM 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.' He is the fourteenth recipient of this award," said a statement released by the ministry of external affairs.

The Seoul Peace Prize was established in 1990 to commemorate the success of the 24th Olympic Games held in Seoul, Republic of Korea – an event in which 160 nations from across the world took part, creating harmony and friendship and a worldwide atmosphere of peace and reconciliation. The Seoul Peace Prize was established to crystallize the Korean people's yearning for peace on the Korean Peninsula and in the rest of the world.

The Seoul Peace Prize is awarded biennially to those individuals who have made their mark through contributions to the harmony of mankind, reconciliation between nations and to world peace. Past laureates include distinguished global personalities like former UN Secretary General Kofi Annan, German Chancellor Angela Merkel and renowned international relief organizations like Doctors Without Borders and Oxfam.

"After assessing over a hundred candidates proposed by over 1300 nominators from around the world, the Award Committee decided to bestow the Prize on Prime Minister Modi, calling him 'the perfect candidate for the 2018 Seoul Peace Prize," said the ministry statement.

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