Nooyi and Bharatia were honoured with this prestigious annual award last evening during the annual gala of the USIBC, the apex advocacy group for India and American companies in the US.
US Vice President Joe Biden, Secretary of State John Kerry, among others, addressed on the occasion.
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Bharatia, also Editorial Director of the HT group, said, "As the representative of a media group that realises the importance of looking at both India Shining, and the Other India to get a real picture of what is happening in our country, and as a woman leader in a nation where women are finally coming into their own, I am delighted to receive this award."
"Our two countries, both democracies, have a strong and free media and I see increasing opportunities for collaboration as media and technology companies from India and the US navigate the evolving digital landscape," Bhartia said after receiving the award.
Renowned Indian-American artist, Natvar Bhavsar who is known for his abstract expressionism and "color-field" painting was awarded the Artistic Achievement Award.
"My work aims to transcend boundaries and I am honoured to receive this award that recognises my Indian roots and my training in arts that took place in the United States," he said.
"I would not be the artist I am today had it not been for the inspirations that have guided me in my absorbing the gifts offered by both cultures, my birthplace India and my half a century's participation in the creative life of New York City," Bhavsar said.
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