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.
While awarding the 2018 Seoul Peace Prize, the Award Committee recognized 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 PM's initiatives to make the government cleaner through anti-corruption measures and demonetization. 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.' Prime Minister Modi is the fourteenth recipient of this award.
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.
Background
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 has been 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.
(As per Wikipedia the nominating group for this prize consists of 300 Korean nationals, and 800 internationals. The awardee receives a diploma, a plaque and honorarium of US$200,000.)
