Former Finance Minister Arun Jaitley was posthumously bestowed with the ‘Hall of Fame Award’ during CNBC-TV18's 15th India Business Leader Awards (IBLA) held in Mumbai on Friday. The award was received by Sangeeta Jaitley, widow of Arun Jaitley, in front of an audience that gives a standing ovation to the late leader.

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The emotional event was the highlight of the award ceremony that celebrates the achievements made in the world of business and honours leaders across various sectors who have distinguished themselves in the last year. The awards were presented to the winners by union finance minister Nirmala Sitharaman and Maharashtra chief minister Uddhav Thackeray.

Tata Consultancy Services CEO and MD Rajesh Gopinathan received Outstanding Business Leader of the Year award while Reliance Industries chairman Mukesh Ambani was bestowed with Iconic Business Leader of the Decade award.

"For me, the only iconic leader in my life has been my father Dhirubhai Ambani. He taught us to dream big. Big for Reliance and even bigger for India. So I dedicate this recognition to my father Dhirubhai Ambani. And to the young leaders who transformed the company over the past decade," said Ambani in his address to the audience.

Maharashtra was won the state of the year title while Badminton legend P. Gopichand received ‘Iconic Sports Leader of the Decade’ award. Microsoft CEO Satya Nadella was bestowed with Global Indian Business Icon award.

PV Sindhu was honoured with 'Outstanding Contribution of Brand India' award, while Deepak Parekh received the 'Lifetime Achievement' award. Bollywood personality Karan Johar received Iconic Entertainment Leader of the Decade award.

Other winners included HDFC Bank, Vinati Organics, PV Sindhu, Rivigo, Meesho, UPI, Fevicol, TCS and Nykaa.com.

Speaking at the event, Sitharaman said that while she was not expecting a jump in the GDP growth number steadiness shown by the economy is a good sign. She further added that the ministry has managed to do whatever it can for the economy by keeping the fiscal deficit under check.

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.