Khemka has been named a Dame Commander of the Order of the British Empire (DBE) for her service to the deprived areas of the West Midlands as principal of West Nottinghamshire College for the last eight years.
"Under her leadership, it has become one of the most eminent further education colleges in the UK. She has embraced the apprenticeship agenda, leading the college to become the largest 16-18 provider in the UK and finding jobs for 700 young people in the first year," read a special citation accompanying the higher awards in this year's list.
A total of 1,195 candidates have been selected for honours this year, with 610 successful women candidates representing 51 per cent of the total.
Actresses Angela Lansbury and Penelope Keith become dames in a list which features more women than men for the first time in history.
More From This Section
However, Wimbledon champion Andy Murray and former England soccer captain and global celebrity David Beckham were two surprising omissions from the list. The duo, who both have Order of the British Empire (OBE), were tipped to be knighted.
The honours system recognises people who have made achievements in public life and committed themselves to serving and helping Britain.
The list, founded in 1917, is decided by an honours committee, which goes to the Prime Minister who then recommends the names to the Queen for the official award.
The Queen releases two honours lists every year - her Birthday Honours in June and News Year's Honours in December.
Others on the OBE list include pharmacist Ashok Soni for services to community pharmacy and the NHS, and Shahed Ahmed Battiwala, head teacher at Elmhurst Primary School in Newham, London, for services to education.