Science and Technology Minister Harsh Vardhan conferred the award comprising a cash prize of Rs 2.51 lakh, a sliver shield and scroll of honour on the artist.
"I am honoured to receive this award and appreciate it from the bottom of my heart and wish the foundation a very best in their future endeavors and hope they will continue to help struggling artists in the country," Gupta said.
"I have been associated with this foundation since my days as a struggling artist at Modinagar. They organised workshop and show for upcoming artists in their gallery, which helped artists like me to showcase my work," said Gupta, receiving the award at a ceremony held here.
Trained as a painter, Gupta went on to experiment with a variety of media, which culminated in his first installation in 1996 titled "29 Mornings". He is mostly known for working with everyday objects that are ubiquitous throughout India, such as the mass-produced steel tiffin boxes used by millions to carry their lunch, as well as thali pans, bicycles and milk pails.
Previously, the renowned artist has been awarded the Chevalier dans l'Ordre des Arts et des Lettres (Knight of the Order of Arts and Letters) by the French Government in 2013.
The Dayawati Modi Award is among the highest cash awards in the country for Art, Culture and Education. It has been instituted by Dayawati Modi Foundation for Art, Culture and Education of the Modi group in memory of philanthropist and educationist late Dayawati Modi, wife of 'Padma Bhushan' late Rai Bahadur Gujar Mal Modi, founder of the Modi Group.