Seoul: Prime Minister Narendra Modi on Friday has been conferred with the prestigious Seoul Peace Prize 2018 by the South Korean government for his remarkable contribution to develop the economy in India and the world through 'Modinomics'. 

Addressing the audience after receiving the award, PM Modi dedicated it to the people of India. 

"I believe that this award belongs not to me personally, but to the people of India. The success that India has achieved in the last 5 years is due to aspirations, inspiration & efforts of the people of India. On their behalf, I accept the Award and express my gratitude,” said PM Modi. 

The Prime Minister, who is the first Indian to receive this prestigious award, was awarded a plaque and an honorarium cash prize, which he donated to Namami Gange project — a Union government project to conserve and rejuvenate India’s national river Ganga.

He is also the 14th recipient of the prize.

According to reports, the selection committee recognised PM Modi’s dedication to improve international cooperation, accelerate the human development of the people of India and raise global economic growth. He is also credited for fostering economic growth in the world's fastest-growing economy and developing the democracy “through anti-corruption and social integration efforts”.

The Prime Minister was lauded for his efforts to maintain regional and global peace with the 'Modi Doctrine' and the Act East Policy. 

PM Modi was on a two-day visit to South Korea. Earlier today, he held bilateral talks with South Korean President Moon Jae-in, in Seoul and issued a joint statement on how to tackle terrorism. He also laid a wreath at the National Cemetery here and paid tribute to the fallen soldiers, including those who died in the Korean War.

Modi is visiting South Korea on the invitation of President Moon. This is his second visit to the Republic of Korea since 2015 and second summit meeting with the South Korean President.