GS 2: IR | India & Bilateral relations

Why in News?

Prime Minister Narendra Modi received the Seoul Peace Prize in South Korea.

Highlights:

• The Prime Minister is the 14th person to receive the honour.
• The award includes a diploma, a plaque and honorarium of US$200,000.
• The prize has been given for PM Modi’s contributions to the growth of the Indian and global economies.
• Past awardees include former UN Secretary-General Kofi Annan and Grameen Bank founder Dr Muhammad Yunus.

Why is PM Modi getting the award?

Prime Minister Narendra Modi was given the honour for his contributions to the growth of the Indian and global economies. The award committee has credited ‘Modinomics’ for reducing social and economic disparity between the rich and the poor.

The committee has also lauded PM’s initiatives to make the government cleaner through anti-corruption measures and demonetisation. The Prime Minister was hailed 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’.

About the award:

• Set up in 1990, the Seoul Peace Prize is biennially awarded to personalities to commemorate the success of the 24th Summer Olympic Games held in Seoul.
• The prize was established to reflect the wishes of the Korean people and to emphasise on their desire for everlasting peace on earth.