The 81-year-old writer-director-producer has directed nearly 80 films in his career and launched the career of Kamal Hassan and Rajinikanth.
According to senior officials in the Ministry of Information and Broadcasting, President Pratibha Patil would hand over the awards in a star studded ceremony in the Vigyan Bhawan.
Director Salim Ahmed and his co-producer Ashraf Bedi would get the coveted 'Swarna Kamal'and a cash prize of Rs 2.5 lakh each for their acclaimed Malayalam movie Adaminte Makan Abu.
Winner of the best Feature Film and the Best Actor, the movie traces the desire of a man and his wife to go to Hajj in Mecca.
Bollywood celebrity producers Arbaaz Khan his wife Malaika and Director Abhinav Singh Kashyap would be awarded the 'Swarna Kamal'and cash award of Rs 2 lakh for Dabangg, winner for the best popular film providing wholesome entertainment.
Vishal Bharadwaj would also get a 'Rajat Kamal' for his music direction for the songs in the movie, Ishqiya while his wife Rekha Bhardwaj, who is also performing at the ceremony, will receive the award for the best female playback singer.
The Nargis Dutt award for best feature film would be awarded by the President to Moner Manush, a Bengali film directed by Gautam Ghose.
The film is based on the life and philosophy of sufi mystic Lalan Faqir in Bengal.
The awards for Best Actor would go to K Dhanush for the Tamil movie Aadukalam and Salim Kumar for his role in Malayalam movie Adaminte Makan Abu.
The Best Actress award would be given to Mitalee Varadkar for her role in Marathi movie Baboo Band Baaja and Saranya Panvannan for the Tamil movie Thanmerkku Paruvakkatru.