Since 1985, the Indo-American Society has instituted annual awards to outstanding Indians and Americans for their contribution to greater understanding and goodwill between India and the United States of America. A number of eminent persons have been honoured. They include:

 
1985 : Nani A. Palkhivala
Former Indian Ambassador to the United States

Dillon Ripley
The Smithsonian Institution
 
1987 : Ms. Pupul Jayakar
Advisor to the Prime Minister on Culture

A.M. Rosenthal
Executive Director of the New York Times
 
1988 : Dr. L. Subramaniam
Well known classical Indian Violinist

Harry A. Cahill
Former U.S. Consul General in Mumbai
 
1989 : Dr. Praful B. Desai
Director of Tata Memorial Hospital

Stephen J. Solarz
Chairman of the Asian and Pacific Affairs Sub-Committee of the U.S. House Foreign Affairs Committee
 
1990 : Selig S. Harrison
Former Correspondent of the Washington Post in Delhi, and later Senior Associate at Carnegie Endowment for International Peace

Zakir Hussain
World-renowned Tabla Maestro
 
1992 : Dr. Phillips Tallbot
President Emeritus of The Asia Society

Dr. Abid Hussain
Former Indian Ambassador to the U.S.
 
1993 : Ms. Mira Nair
Well-known filmmaker

John (Jack) F. Welch, Jr.
CEO, GE

 
1994 : Prof. C. K. Prahalad
Harvey C. Fruehauf Professor of Business Administration, University of Michigan

Dr. Marshall M. Bouton
Executive Vice President, The Asia Society
 
1995 : Dr. Manmohan Singh
Former Union Finance Minister

Chester Herwitz
Renowned American Philanthropist and Art Collector
 
2001 : Mr. Rajat Gupta
Global Chief, McKinsey & Co. Inc.

Mr. Gary L. Ackerman
U.S. Congressman
 
2003 : Mr. Victor Menezes
Senior Vice Chairman, Citigroup

Frank Pallone
US Congressman