Singh's selection was unanimously done by a committee headed by state Culture Minister Vinod Tawade, an official said.
68-year-old Singh has worked with music legends like Naushad, Madan Mohan, S D Burman and R D Burman.
He teamed up with Jagdish Khanna to compose music for films made in different languages.
Singh was the music arranger for films like "Maine Pyar Kiya" and "Hum Apke Hai Kaun".
He was also the music director of "Painter Babu" and "Clerk". After Khanna's demise, Singh started working independently.
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