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This will be the team's first outing under new chief coach Craig Fulton.
PR Sreejesh suffered an injury in the shootout that the hosts lost 4-5.
Gold and silver medallists will receive Rs 20 lakh and Rs 10 lakh respectively.
This year is going to be a busy one for Savita, who was named captain of the Indian team for the upcoming women's Asia Cup in Muscat.
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.
Five Indian players and the head coaches of both the men's and women's teams in Tokyo claimed the top honours across different categories.
Kerala has unfinished business in Japan because a tenth athlete from the State will soon embark on a medal hunt in Tokyo.
Hare Krishna Fuels at Kanjirampara in the state capital has announced free petrol worth Rs 101 for the Olympic medallist's namesakes.
The former Indian fast bowler said that he has texted Olympic bronze medallist Sreejesh, congratulating him on the success and was waiting for a response.
Harmanpreet Singh, Vandana Katariya and Navjot Kaur have been nominated for the Arjuna Award, while former India players R P Singh and Sanggai Ibemhal have been recommended for the Dhyan Chand Award for Lifetime Achievement.