New Delhi: Prime Minister Narendra Modi on Wednesday was crowned with the Seoul Peace Prize 2018 in recognition of his contribution towards the economic growth of India and the world through ‘Modinomics’. The Indian Prime Minister was conferred with the award for ‘Modinomics’ which worked towards reducing the social and economic barriers between the rich and poor in the country. PM Modi is the fourteenth recipient and the first Indian to get the prestigious award. Expressing his gratitude for the prestigious honour and in light of India's emerging partnership with the Republic of Korea, PM Modi accepted the award.

“The Seoul Peace Prize Committee has decided to confer the 2018 Seoul Peace Prize on Prime Minister Shri 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,” Ministry of External Affairs (MEA) said in its recent statement.

Taking to Twitter, BJP President Amit Shah said, "It is a matter of great joy and immense pride for 130 crore Indians that PM @narendramodi has been honoured with the prestigious Seoul Peace Prize. PM Modi's efforts towards boosting global cooperation and raising global economic growth have been noted by the awarding committee." The ministry said the award will be presented to Modi by the Seoul Peace Prize Foundation at a mutually convenient time.

Here’s what Seoul Peace Prize Winners get
The Seoul Prize winner receives a diploma, a plaque and honorarium of $200,000 (1 crore 46 lakhs 31 thousand rupees). The two-page diploma which has traditionally patted emblem of the Seoul Prize along with text printed in both Korean and English. The gold-plated, crystal plaque is fashioned after the traditional Taegeuk (two comma-shaped symbols united in a perfect circle) design.

The Seoul Peace Prize was established in 1990 to commemorate the success of the 24th Olympic Games held in Seoul. The award was established to crystalise Korean people's yearning for peace on the Korean peninsula and in the rest of the world. After assessing over a hundred candidates proposed by over 1300 nominators from around the world, the Award Committee decided to bestow the prize to the Indian Prime Minister.

The past laureates of the Seoul Peace Prize included former UN Secretary General Kofi Annan, German Chancellor Angela Merkel and renowned international relief organisations like Doctors Without Borders and Oxfam.