2012-19th most powerful man of the world by the Forbes Magazines.
2010-World Statesman Award from Appeal of Conscience Foundation.
2005-Top 100 Influential People in the World by Time Magazine.
2002-Outstanding Parliamentarian Award by Indian Parliamentary Group.
2000-Annasaheb Chirmule Award by Annasaheb Chirmule Trust.
1999-H.H. Kanchi Sri Paramacharya Award for Excellence by Shri R. Venkataraman, The Centenarian Trust.
1999-Fellow of the National Academy of Agricultural Sciences, New Delhi by National Academy of Agricultural Sciences.
1997-Lokmanya Tilak Award by Tilak Smarak Trust, Pune.
1997-Justice K.S. Hegde Foundation Award by Justice K.S. Hegde Foundation.
1997- Nikkei Asia prize for Regional Growth by Nihon Keizai Shimbun Inc.
1996- Honorary Professorship by Delhi School of Economics, University of Delhi, Delhi.
1995-Jawaharlal Nehru Birth Centenary Award (1994–95) by Indian Science Congress Association
1994-Finance Minister of the Year by Asiamoney.
1994- Jawaharlal Nehru Birth Centenary Award (1994–95) by Indian Science Congress Association.
1994- Elected Distinguished Fellow of the London School of Economics by London School of Economics, Centre for Asia Economy, Politics and Society.
1994- Elected Honorary Fellow, Nuffield College by Nuffield College, University of Oxford, Oxford, U.K.
1994- Elected Distinguished Fellow of the London School of Economics by London School of Economics, Centre for Asia Economy, Politics and Society.
1994- Elected Honorary Fellow of the All India Management Association by All India Management Association.
1993- Finance Minister of the Year by Euromoney.
1993- Finance Minister of the Year by Asiamoney.
1987- Padma Vibhushan by President of India.
1986- Elected National Fellow, National Institute of Education by National Institute of Education.
1985- Elected President of the Indian Economic Association by Indian Economic Association.
1982- Elected Honorary Fellow, St. John's College by St John's College, Cambridge.
1982- Elected Honorary Fellow, Indian Institute of Bankers by Indian Institute of Bankers.
1976- Honorary Professorship by Jawaharlal Nehru University, New Delhi.
1957- Elected Wrenbury Scholar by University of Cambridge, U.K.
1956- Adam Smith Prize by University of Cambridge, U.K.
1955- Wright Prize for Distinguished Performance by St. John’s College, Cambridge, U.K.
1954- Uttar Chand Kapur Medal, for standing first in M.A. (Economics) by Panjab University, Chandigarh{Was then in Hoshiarpur,Punjab}.
1952-University Medal for standing first in B.A. (Honors Economics) by Panjab University, Chandigarh.
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