1994: Elected Distinguished Fellow, London School of Economics, Centre for Asia Economy, Politics and Society
1994: Elected Honorary Fellow, Nuffield College, University of Oxford, Oxford, U.K.
1994: Honorary Fellow, All India Management Association
1993: Euromoney Award, Finance Minister of the year
1993: Asiamoney Award, Finance Minister of the Year
1987: Padma Vibhushan Award by the President of India
1986: National Fellow, national Institute of Education, N.C.E.R.T.
1985: Elected President, Indian economic Association
1982: Elected Honorary Fellow, st. John's College, Cambridge,
1982: Elected Honorary Fellow, Indian Institute of bankers
1976: Honorary Professor, Jawaharlal Nehru University, New Delhi
1957: Elected Wrenbury Scholar, University of Cambridge, U.K.
1955: Awarded Wright's Prize for distinguished performance, & St. John's college, Cambridge, U.K.
1956: Awarded Adam Smith Prize, University of Cambridge, U.K.
1954: Uttar Chand Kapur Medal, Panjab university, for standing first in M.A.(Economics), panjab University, Chandigarh
1952: University Medal for standing First in B.A. Hon.(Economics), panjab University, Chandigarh