The cremation were held as per Vedic rituals in an open ground on the premises of the temple in the presence of thousands of devotees and a number of dignitaries.
Saints and devotees bid their final adieu to him with tears amid chants and prayers.
The 95-year-old spiritual head had died on August 13 at the Sarangpur temple where he had been residing since the last few years. He had not been keeping well since long due to age-related problems and was being treated at the temple which is around 150 km from here.
Reportedly over 20 lakh devotees of the Swaminarayan sect from across the globe visited the temple to pay tributes.
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Shah, Jaitley, Advani and Railway Minister Suresh Prabhu were among the dignitaries who paid their last respects to the departed soul.
Shah said it will be impossible to fill the vacuum created by Swami's death.
"Since I was born and brought up in Gujarat, I was a witness to Swami's influence on the lives of people of not only Gujarat but also of the country. He did a commendable job of pursuing people to give up smoking and other addictions. I believe that it will be impossible to fill up the void created by his death," Shah said.
Advani told reporters that Swami became a medium of
spreading India's best practices in the world.
"There are very few persons who have managed to spread India's best practices in the world. Pramukh Swami did this through his sect. I came here once again to pay my final respects," Advani added.
Other dignitaries who paid their tributes today include Congress president Sonia Gandhi's political secretary Ahmed Patel, Gujarat Congress chief Bharatsinh Solanki, Samajwadi Party leader Amar Singh, industrialist Anil Ambani, Yoga Guru Baba Ramdev and spiritual leader Morari Bapu.