"Sachin Tendulkar, during his illustrious career, has brought us happiness and joy through his batting prowess. We are proud of him and he richly deserves the award," Lord Paul said.
"My congratulations also to his mother and the whole family."
Tendulkar, 40, is the first sportsperson to be bestowed the prestigious award.
In a fitting finale to a record-breaking career spanning 24 years, the former India Captain was chosen for the highest civilian award as he bid adieu to international cricket today after his farewell Test against the West Indies in Mumbai.