Modi was given the award in December last year for putting focus on India's development and getting the world "excited" about the prospects of the country again.
"In picking Mr Modi, ST editors recognised not only his track record as an administrator who propelled his home state Gujarat to global recognition but also for the promise he holds to re-energise India," Straits Times editor Warren Fernandez said.
Modi is expected to visit Singapore in November during which he would sign a strategic partnership agreement between the two countries.
The inaugural award went to Myanmar president Thein Sein while Chinese President Xi Jinping and Japanese Prime Minister Shinzo Abe share the 2013 award.
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