Prime Minister Narendra Modi has been named as the recipient of 2018 Seoul Peace Prize, a biennial award instituted to crystallise the wishes of the Korean people for peace on the Korean Peninsula and the rest of the world.

According to a statement issued by the External Affairs Ministry in October, PM Modi has been awarded "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".

After assessing over 100 candidates proposed by over 1,300 nominators from around the world, the Award Committee decided to bestow the Prize on Mr Modi, calling him "the perfect candidate", according to the External Affairs Ministry statement. "The Award Committee recognised 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," it said. "The Committee lauded PM's initiatives to make the government cleaner through anti-corruption measures and demonetisation. "The Committee also credited the 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."