Prime Minister Narendra Modi on Wednesday expressed gratitude towards the Seoul Peace Prize Cultural Foundation for conferring him with the Seoul Peace Prize, adding that the award recognises "New India's contribution to the prosperity and peace of the humankind."

Taking to his official Twitter handle, Prime Minister Modi said, "Sincerely thank the Seoul Peace Prize Cultural Foundation for the great honour. I most humbly accept the Award on behalf of all my Indian brothers & sisters. This is a recognition of New India's contribution to the well-being, progress, prosperity & peace of the whole humankind."

The Prime Minister was the 14th recipient of the coveted award, with the award committee recognising his contributions to the growth of the Indian and global economies, crediting 'Modinomics' for reducing the social and economic disparity between the rich and the poor.

Meanwhile, South Korean Ambassador to India, Shin Bong-Kil, told ANI, "I'm very happy to hear that Prime Minister Modi was chosen as a prestigious awardee. This prize was earlier given to international big names and celebrities like Kofi Annan, former United Nations Secretary-General, present Germany Prime Minister (Angela) Merkel and also others important international NGOs like Oxfam."

When asked about India's contribution to the global economy, Bong-Kil said, "I think India itself is a global economy. It is such a big economy, the growth of the Indian economy means growth of the global economy. India's high growth rate has contributed a lot not only to the Indian people's welfare but the whole world."

The Seoul Peace Prize was established in 1990 to commemorate the success of the 24th Olympic Games held in Seoul. Former chairman of the International Olympic Committee Juan Antonio Samaranch was its first recipient.

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