The Gandhi Peace Prize was instituted by the government in 1995 on the occasion of the 125th birth anniversary of Mahatma Gandhi.
80-year-old Bhatt is an environmentalist and social activist who has worked extensively on Gandhian principles.
"This annual award is given to individuals and institutions for their contributions towards social, economic and political transformation through non-violence and other Gandhian methods. It carries a plaque, citation and an amount of Rs one crore," a Rashtrapati Bhavan statement said.
The recipients of this award include former Tanzanian President Dr Julius K Nyerere, founder President of Sarvodaya Sharamadana movement in Sri Lanka Dr AT Ariyaratne, Dr Gerhard Fischer of Rama Krishna Mission in Germany, Baba Amte, Dr Nelson Mandela and Grameen Bank of Bangladesh (jointly), Dr John Hume of the Bhartiya Vidya Bhawan in Ireland, former Czechoslovakian President Vaclav Havel and Archbishop Desmond Tutu of South Africa.


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