The name of Ravi Shankar, the Varanasi-born most known contemporary Indian musician, was cleared unanimously by a jury under the chairmanship of Prime Minister Manmohan Singh.
On the recommendation of the jury, the award has been renamed as 'Tagore Award for Cultural Harmony', Finance Minister Pranab Mukherjee said while announcing Ravi Shankar's name for the award.
The award would be presented by the President in a special ceremony, he said. Singh had last year announced establishment of the Tagore Award for promoting values of universal brotherhood.
The award comprises Rs one crore, a citation in a scroll, a plaque and an exquisite traditional handicraft or handloom item.
Photos: 'Rock On 2' stars Farhan, Shraddha on 'Yaaron Ki Baraat'
Photos: Ajay Devgn launches 'Shivaay' comics at Mumbai Comic Con
Photos: WWE star Sheamus and John Abraham clash in Mumbai
Umesh Yadav's birthday: Indian cricketers and their tales of struggle
Photos: Raveena Tandon, husband Anil Thadani's dinner date in Bandra