Prime Minister Narendra Modi has won the Seoul Peace Prize for 2018 for his contributions to international cooperation, economic growth and peace, India’s Ministry of External Affairs said on Wednesday. Modi is the 14th recipient of the biennial award.

The committee that gives the prize recognised Modi’s work in the “growth of the Indian and global economies”, and credited “Modinomics” for the “[reduction] of social and economic disparity”, said the ministry.

“The committee lauded PM’s initiatives to make the government cleaner through anti-corruption measures and demonetisation,” the ministry said. “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’.”

The ministry also noted Modi’s “dedication” to improving human development and economic growth in India and to “furthering the development of democracy through anti-corruption and social integration efforts”.

The 12-member selection committee chose Modi from over 100 nominees, and found him to be the “perfect candidate”, reported The Korea Herald. Modi will get the award, a plaque and an honorarium of $200,000 (Rs 1.46 crore).

The Seoul Peace Prize Foundation will present Modi the award at a “mutually convenient time”, said the ministry. Modi thanked the Seoul Peace Prize Cultural Foundation. “I sincerely thank the Seoul Peace Prize Cultural Foundation for the great honour,” he tweeted. “I most humbly accept the award on behalf of all my Indian brothers and sisters. This is a recognition of New India’s contribution to the well-being, progress, prosperity and peace of the whole humankind.”

Previous recipients include former United Nations Secretary General Kofi Annan, German Chancellor Angela Merkel, Bangladeshi entrepreneur Muhammad Yunus, Congolese doctor Denis Mukwege. Organisations such as Médecins Sans Frontières and Oxfam have also won the award. Mukwege, Yunus, Annan and the Médecins Sans Frontières went on to win the Nobel Peace Prize.