Union Finance Minister Arun Jaitely presented the award, whose previous recipients are Pt Birju Maharaj, Kishori Amonkar and Mayadhar Raut.
The award was instituted three years ago to honour stalwarts in art after Ram, who founded the Shriram Bharatiya Kala Kendra in 1952.
Jaitely said it was not unusual for an artiste of Pt Jasraj's calibre to receive the award and added that it was "a great honour that on the centenary year of Sumitra ji that this honour is being conferred on him (Pt Jasraj)".
The award function also marked the beginning of a year-long celebrations to commemorate the 100th birth anniversary of Ram who was born on November 17, 1914 in Meerut.
The function was also attended by Union ministers Rajiv Pratap Rudy, Piyush Goyal and Mahesh Sharma.
Kathak maestro Birju Maharaj and Kumudini Lakhia as well as Ram's daughter Shobha Deepak Singh recounted instances from the life of Ram as well as her passion and dedication to promote Kathak in the country.
Pt Jasraj, born in 1990 in Hisar, hails from a family which has produced three generations of musicians belonging to the Mewati gharana. He had his initial training from his illustrious father Pandit Motiram and then learnt under his famed elder brother Maniram.
His spiritual guru has been the Maharaja of Sanand, Maharaja Jayvant Singh where he was the court musician.
Endowed with a rich and resonant voice, which traverses a range of three and a half octaves, Pt Jasraj has done a lot of research on the Haveli sangeet.