The award, which carries a purse of Rs 75,000, a gem-studded ring and plaque, was announced by Chairman of the Padmaprabha Foundation M P Veerendrakumar here.
A widely acclaimed novelist, Balakrishnan was selected for the award by a jury comprising writers N P Hafis Muhammad and Biniyamin.
The jury noted Balakrishnan has infused a freshness to Malayalam fiction mainly due to the originality in narration and selection of themes.
A prestigious literary prize in Malayalam, the award was instituted in memory of freedom fighter and socialist Padmaprabha.
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