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The awards will be conferred on the athletes by President Droupadi Murmu at the Rashtrapati Bhavan on January 9.
Cricketer Mohammed Shami has also been nominated for the Arjuna.
While Sharath is the lone Khel Ratna award recipient, 25 sportspersons, including shuttlers Lakshya Sen, H S Prannoy, woman boxer Nikhat Zareen, track and field athletes Eldhose Paul and Avinash Sable, were conferred with the Arjuna Award.
25 sportspersons will receive the Arjuna Award from the President on November 30.
The star attraction of the evening was Neeraj Chopra, who received his Khel Ratna award amid thunderous applause from the select dignitaries present on the specially organised function.
The other prominent Khel Ratna winners this year include Olympic champion Neeraj Chopra and Olympic silver-medallist wrestler Ravi Dahiya and hockey team captain Manpreet Singh.