"The award focuses on the triple bottom-line of 'People, Profit and Planet' which will be offered annually to the leader of a nation," a Prime Minister's Office (PMO) statement said.

According to the citation of the award, Modi was selected for his "outstanding leadership for the nation".

"His selfless service towards India, combined with his tireless energy has resulted in extraordinary economic, social and technological advances in the country," it read.

The citation further added that under Modi's leadership, India is now identified as the centre for innovation and value added manufacturing (Make in India), as well as a global hub for professional services such as information technology, accounting and finance.

The citation also mentions: "His visionary leadership has also resulted in the Digital Revolution (Digital India), including the Unique Identification Number, Aadhaar, for social benefits and financial inclusion. It is enabling entrepreneurship, ease of doing business, and creating a 21st century infrastructure for India."

The citation mentions initiatives such as Make in India, Startup India, Digital India, and Swachh Bharat have positioned India as one of the most lucrative manufacturing and business destinations in the world.

Prof. Philip Kotler is a world renowned Professor of Marketing at Northwestern University, Kellogg School of Management. Owing to his ill-health, Jagdish Sheth of EMORY University, Georgia, US, was deputed to confer the award.