Jakhar, 92, was suffering from brain hemorrhage last year after which he suffered from multiple ailments. His health deteriorated last week and he passed away this morning.
Jakhar lived with his son Sunil Jakhar, a former leader of opposition in Punjab, in a rented accommodation in Defence Colony, where he breathed his last at around 7 AM. Congress chief Sonia Gandhi and vice president Rahul visited his residence to pay their last respects.
Senior party leaders are likely to attend his last rites, Congress sources said.
President Pranab Mukherjee, Prime Minister Narendra Modi, Sonia Gandhi and Rahul Gandhi expressed their condolences over the demise of Jakhar, and hailed him as a "popular" leader, appreciating his contributions and pursuit of excellence in public life.
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A champion of farmers' causes, Jakhar was Agriculture Minister in the P V Narsimha Rao government and a Lok Sabha MP for four terms. He also served as Governor of Madhya Pradesh between 2004 and 2009.
As Speaker, Jakhar had contributed to the computerisation
of parliamentary works and establishment of Parliament Museum.
A Sanskrit graduate from Christian College, Lahore, Jakhar wore many hats in his long political career and was said to be close to former Prime Minister Indira Gandhi.
A two-term MLA from Punjab, Jakhar served as leader of opposition in the state Assembly in the seventies, a post held by his son Sunil recently.
He has two books published to his credit "People, Parliament and Administration", and "New Horizons in Agriculture in India".
Condoling his death, Prime Minister Modi said he was a popular leader who enriched parliamentary democracy.
"Balram Jakharji was a popular leader who enriched our parliamentary democracy in his long political journey. Saddened by his demise. RIP," he tweeted.
Pranab Mukherjee said, "Sad to learn about the passing away of Dr Balram Jakhar, colleague and dear friend of long years. The nation will always remember his valuable contributions and pursuit of excellence in public life.