Time Person of the Year: PM Modi, Mukesh Ambani, Sundar Pichai Among Nominees - Prime Minister Narendra Modi, Reliance Industries Chairman Mukesh Ambani and Google's India-born CEO Sundar Pichai are among the nominees for Time's annual 'Person of the Year' honour.

The Time Person of the Year 2015 will be declared next month and the magazine said the title will be conferred on the person who "most influenced the news this year for better or worse."

Time said PM Modi has "encouraged foreign direct investment in India and is trying to modernise the world's largest democracy", but added that the PM has also "faced controversy over what some see as right-wing extremism."

On Ambani, Time said the richest man in India is the chairman of Reliance Industries "which owns everything from telecom properties to the world's largest crude oil refinery."

Time asked its readers to vote for the person who they think should get the title of Person of the Year and the winner of the reader's choice poll will be declared next month before Time's editors choose the individual from the 58 candidates.

The other nominees include US President Barack Obama, French President Francois Hollande, Chinese President Xi Jinping, ISIS leader Abu Bakr al-Baghdadi, Democratic Presidential front runner Hillary Clinton, the refugees fleeing conflicts in Syria, Afghanistan and East and West Africa, Pakistani Nobel Peace Prize laureate Malala Yousafzai, Tesla head Elon Musk, Apple CEO Tim Cook and last year's winner Pope Francis.