Srinivas, popularly known as 'Mandolin' Srinivas, breathed his last at a private hospital here this morning.
A child prodigy, Srinivas gave his first public performance at the age of nine and grew into a much-sought after personality among fans in the Carnatic music world.
The musician, a recipient of various awards, including the prestigious Padma Shri and Sangeet Ratna, used to play electric mandolin and collaborated with several global artistes including John McLaughlin, Michael Nyman, Michael Brook, Trey Gunn and Nigel Kennedy.
"PM recalled the Mandolin Maestro's dedication & long-standing contribution towards music & added that he will always be remembered," Modi's official Twitter handle, @PMOIndia said.
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Chief Minister Jayalalithaa credited Srinivas with introducing the musical instrument of mandolin to the people.
Paying rich tributes to Srinivas, she said Srinivas won people's hearts with his renditions.
"His demise is a big loss to the world of Carnatic music. None can fill the void created by his passing away," she said in a statement.
Melody queen Lata Mangeshkar, Oscar-winner A R Rahman and singer Sonu Nigam expressed shock over the untimely death of mandolin great.
"Emotionally shaken to hear of Carnatic shining star Mandolin Shrinivasji's demise.. May God bless him with happiness in the next world," Rahman said.
Nigam tweeted, "The great mandolin exponent U Shrinivas is no more unfortunately. Was going through a liver transplant. Improved apparently. But succumbed tragically. RIP."