Mains Paper 3: Indian Economy| Issues relating to planning, mobilization of resources, growth, development and employment
From UPSC perspective, the following things are important:
Prelims level: Seoul Peace Prize
Mains level: Recognition to Indian economic and foreign policy reforms across the world
Awarding the Modi Doctrine
- The award recognizes PM Modi’s contribution to the growth of Indian and global economies, crediting ‘Modinomics’ for reducing social and economic disparity between the rich and the poor.
- The committee lauded PM’s initiatives to make the government cleaner through anti-corruption measures and demonetization.
- The committee also credited him 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 Seoul Peace Prize
- The prize has been awarded to those who have made their mark through contributions to the harmony of mankind, reconciliation between nations and to world peace.
- Established in 1990, the Seoul Peace Prize was an effort to crystallise the Korean people’s yearning for peace on the Korean Peninsula and in the rest of the world.
- It was initially established to commemorate the success of the 24th Olympic Games held in Seoul, Republic of Korea – an event in which 160 nations from across the world took part, creating harmony and friendship and a worldwide atmosphere of peace and reconciliation.
- Previous winners of the award include former UN Secretary General Kofi Annan, German Chancellor Angela Merkel and renowned international relief organizations like Doctors Without Borders and Oxfam.
The term Modinomics is often used to refer landmark economic reforms carried out under PM Modi. Few of them are mentioned below:
- Introduction and implementation of GST Framework
- Setting up of Insolvency and Bankruptcy Code
- New hydrocarbon exploration licensing policy
- Trinity of JAM (Jan Dhan Yojana, Aadhaar and Mobile) etc.