The inauguration, Modi said, was even more special as he had laid the foundation stone for the centre.
"In the heart of our national capital, it is a fitting tribute to Dr Ambedkar," he said on Twitter.
The prime minister said the centre's building was a fusion of Buddhist and present-day architecture. It includes seminar as well as conference halls. The centre also houses three auditoriums and an extensive library with a rich digital repository.
"This institution will show the way and further discussions on vital issues as well as encourage research and original thinking among the youth," Modi said.