Prime Minister Narendra Modi paid rich tributes to the 95-year-old spiritual leader saying that "he was a mentor to me".
Pramukh Swami, who was ailing for some time, due to old age related problems and was under treatment at Sarangpur temple of the sect, breathed his last at 6 PM this evening.
"His Holiness Pramukh Swami Maharaj, spiritual head and president of the BAPS Swaminarayan Sanstha, inspirer of countless and a great servant of society, passed away today, at 6 pm in Sarangpur. We deeply mourn the departure of our revered guruji," an official statement of BAPS Swaminarayan Sanstha said.
Modi tweeted that he was a stalwart among humans who embodied compassion and humility.
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"HH (his Highness) Pramukh Swami Maharaj, a stalwart among humans, who embodied compassion and humility. His service to the society will always be remembered," Modi said in a tweet.
He is also known for his social concerns, having
actively participated in rescue and relief operations during the times of floods and famines, earthquakes and other natural disasters.
Born at Chansad village in Vadodara district on December 7, 1921, Shantilal, as he was named by his parents, showed religious streaks since his childhood.
The youngest of nine siblings, Shantilal was selected by Shastriji Maharaj, the then head of the Swaminarayan BAPS sect, to become a sadhu, a religious mendicant of the sect.
In a letter to his father Motilal Patel, a devotee, Shastriji Maharaj had instructed that Shantilal be sent to him to lead a religious life.
He was recognised for his sharp intellect and management skills and was given the duty to take care of temples run by the sect.
When he was 28, he was appointed the President, or Pramukh, of BAPS replacing Shastriji Maharaj at a ritual performed at Amli Vali Pol in Ahmedabad on May 21, 1950.
He travelled extensively, both in India and abroad, in the process holding 'satsang' and creating a large base of devotees.
He travelled in over 45 countries, including UK, USA, Canada, Kenya, South Africa, Australia, New Zealand, Singapore, Thailand, Malaysia, Dubai, Japan, France, Germany, Egypt and others.
Gujarat Chief Minister Vijay Rupani, Deputy Chief Minister Nitin Patel and former Chief Minister Anandiben Patel too expressed grief over Swami's demise.
Congress leaders Shaktisinh Gohil also expressed shock and said, "he had a special place in my life and had guided me on many occasions. The loss and void created by his departure can never be filled.