24/10/2018 10:51 AM IST | Updated 24/10/2018 11:04 AM IST

PM Modi Awarded The Seoul Peace Prize For 'Modinomics'

The Seoul Peace Prize was instituted in 1990 by the Republic of Korea.

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Prime Minister Narendra Modi has been awarded the 2018 Seoul Peace Prize "in recognition of his dedication to improving international cooperation, raising global economic growth, accelerating the Human Development," the External Affairs Ministry said today.

Previous awardees of the Seoul Peace Prize, instituted in 1990 by the Republic of Korea and bestowed every two years, include former UN Secretary General Kofi Annan, German Chancellor Angela Merkel and Muhammad Yunus, widely regarded to be the father of the microcredit movement.

The Seoul Peace Prize Committee credited Modi with "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."

A statement from the External Affairs Ministry said that Award Committee credited 'Modinomics' for reducing social and economic disparity between the rich and the poor. "The Committee also credited 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.'"

Modi, the fourteenth recipient, has accepted the award, established in 1990 to commemorate the success of the 24th Olympic Games held in Seoul.

Earlier this year, in October, Modi received the the 'Champions of the Earth Award', the United Nation's highest environmental honour. He was among the six recipients of the award.