Madhya Pradesh Chief Minister Shivraj Singh Chouhan and Bhopal Mayor Alok Sharma were present as Shah unveiled the statue near the city's Lal Ghati square.
Shah was accorded a warm welcome by the chief minister and other party leaders, including Kailash Vijaywargiya and Prabhat Jha as well as state party president Nandkumar Singh Chauhan, when he landed at Bhopal's Raja Bhoj Airport.
A large number of BJP workers, many of them sporting saffron turbans, led Shah's entourage to the state party office.
Shah will attend a series of meetings with local party leaders, including state functionaries, core group members, spokespersons, MPs, MLAs and district presidents, during his three days packed with party programmes, Chauhan said.
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Central office bearers from the state will also be attending the brain-storming sessions.
The visit is part of the BJP chief's 110-day nationwide tour to strengthen and expand the party's support base ahead of the 2019 general elections.
Assembly polls in Madhya Pradesh, where the BJP has been in power for over a decade, are due next year.