India has awarded its Indira Gandhi Prize for Peace, Disarmament and Development to former Brazilian President Luiz Inacio Lula da Silva Thursday, local media reported Friday.

President Lula was conferred the prize by Indian President Pranab Mukherjee at a function in the national capital for his " outstanding contribution to the cause of eliminating hunger and promoting inclusive growth in Brazil, for his advocacy of stronger ties among the developing economies and for his signal contribution to the cause of the India-Brazil partnership", the reports said.

"In awarding the prize for 2010 to President Lula, we are honoring today an outstanding champion of the developing world. President Lula has been a transformative figure in Brazil. The people of India hold you in high esteem. You have been a sincere friend of India. It was during your presidency that relations between India and Brazil steadily progressed," President Mukherjee was quoted as saying.

The Indira Gandhi Prize is the prestigious award accorded annually by India to individuals or organizations in recognition of creative efforts toward promoting international peace, development and a new international economic order.