Prime Minister Narendra Modi has been chosen as the winner of the prestigious ‘Seoul Peace Prize’ for 2018 in recognition of his efforts aimed at raising global economic growth, accelerating the human development of the people of India and furthering the development of democracy through anti-corruption and social integration efforts.

The Seoul Peace Prize Cultural Foundation, headed by Kwoon E-hyocok, made this announcement following the final meeting of the selection committee in the South Korean capital on Tuesday night.

While choosing Modi, the award committee recognised the Indian leader’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 panel lauded Modi’s initiatives to make his government cleaner through anti-corruption measures and demonetisation. It also credited him 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.’

Modi has expressed his gratitude to the selection panel and, in the light of the deepening India-South Korea partnership, accepted the honour bestowed on him. The award, which carries a plaque and an honorarium of $200,000, will be presented to him at a mutually convenient time, it was announced.

The world acknowledges.

PM @narendramodi awarded prestigious Seoul Peace Prize 2018 for contribution to high economic growth in India and world through ‘Modinomics’, contribution to world peace, improving human development & furthering democracy in India. https://t.co/ugXhhG7Dls pic.twitter.com/5e98THX4M8

— Raveesh Kumar (@MEAIndia) October 24, 2018

Selection Committee President Choe Chung-ho was quoted by the South Korean media as saying that the 12-member panel conducted a rigorous, objective and in-depth selection from among over 100 candidates from around the world, including incumbent and former heads of state, politicians, business leaders, religious leaders, scholars, journalists, cultural figures, artists, athletes and international organisations. In the end, Modi was found to be the ‘perfect candidate’ for the honour.

Modi is the 14th winner of the award, instituted in 1990 to commemorate the success of the Seoul Olympic Games in which 160 nations took part, creating harmony and friendship and a worldwide atmosphere of peace and reconciliation.

Choe explained that since taking over as the Prime Minister in 2014, Modi has initiated a string of economic policy changes aimed at attracting foreign investment across sectors. Under the “Make in India” initiative, India has launched campaigns to promote development in 25 industrial sectors, including automobiles, railways, ports and shipping, information technology, biotechnology, pharmaceuticals, power and aerospace. As per IMF reports, India has shown a consistent and high growth rate of 7.6 per cent, which is expected to continue until 2022.

Former awardees of the Seoul Peace Prize include International Olympic Committee Chairman Juan Antonio Samaranch, US Secretary of State George Pratt Shultz, the Doctors Without Borders non-profit organisation, Nobel Peace Prize laureate Denis Mukwege and UN secretaries-general Kofi Annan and Ban Ki-moon.