He also said that it was a good sign that 14 scientists have found their names in the recent list of Padma awardees.
Rao told reporters after the award ceremony, "It is fantastic. It is more important than anything. Nothing compared to India honouring me."
The top scientist said while he has received several prestigious wards from the world over, there was nothing like being honoured by one's own nation.
To a question on the state of science in the country, he said it was a good sign that 14 scientists have been awarded Padma awards recently.
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"We are doing reasonably well. But other countries are doing better. South Korea and China are spending more on research," he said.
An outspoken scientist, Rao is a well recognised international authority on solid state and materials chemistry who has published over 1,400 research papers and 45 books.