Indian Prime Minister Narendra Modi has been awarded the prestigious Seoul Peace Prize, of 2018, to honour his contribution to the growth of the Indian and global economies.
He has been credited for, “Modinomics,” that the award committee says has, "reduced social and economic disparity between the rich and the poor in the country,” reports The Times of India.
Headed by Kwon E-hyock, the Seoul Peace Prize Cultural Foundation announced this following its final selection meeting in Seoul.
Modi was selected for his efforts to improve the lives of India’s 1.35 billion population, establishing numerous ties with various countries, and for being instrumental in helping provide stability for the Asia-Pacific region.
The Indian premier 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, Modi has accepted the award—said a statement from the Indian Ministry of External Affairs.
The Seoul Peace Prize was established in 1990 to commemorate the success of the 24th Olympic Games held in Seoul.
It is awarded, biennially, to individuals who have made their mark through contributions to the benefit of mankind, reconciliation between nations, and world peace.
Former UN Secretary General Kofi Annan, German Chancellor Angela Merkel, and renowned international relief organizations such as Doctors Without Borders and Oxfam are previous recipients of this award.
