The 24-year-old javelin thrower received the prestigious award from President Ram Nath Kovind at the Rashtrapati Bhavan during a ceremony.
Sukant Kadam, who is World No 4, also continued his good run and ended his campaign with a gold and a silver in the tournament that ended on Sunday.
Bhagat and Kadam will be playing in both the Spanish Open tournaments which will be held three days apart from each other.
Pramod Bhagat and Sukant Kadam along with other Indian para shuttlers are gearing up for the Spanish International to be held at Cartagena from March 8-13.
Bhagat is busy training in Spain for the Asian Games and World Championship and with the Paralympics coming in 2024, this year becomes even more important for the para shuttlers.
The 33-year-old Bhagat, who had contracted polio when he was four years old, picked up the sport after watching his neighbours play.
It is presented to athletes for their outstanding achievements in the field of sports over a period of four years.
He added that the para-athletes from India proved their mettle once again by winning five gold medals at the recently concluded Paralympics at Tokyo.
I learnt to stay calm under pressure from Sachin Tendulkar: Paralympics gold medallist Pramod Bhagat
Pramod Bhagat clinched India's first Paralympics gold with a straight-game win over Daniel Bethell in the SL3 class finals in Tokyo last week.
Para badminton gold medallist Pramod Bhagat also said he would be interested to serve in a sports-related position or as a Deputy Collector.
Earlier in the day, Krishna Nagar clinched the gold medal by defeating Chu Man Kai 2-1 in the men's singles SH6 -final match.
Pramod Bhagat, who had contracted polio when he was 4 years old, picked up the sports after watching his neighbours play.
Tokyo Paralympics: Indian shuttlers Pramod Bhagat, Palak Kohli lose mixed doubles semis, to play for bronze
Pramod Bhagat and Palak Kohli lost by 2-0 in the mixed doubles SL3-SU5 semi-final match here at Yoyogi National Stadium.
The 33-year-old Bhagat, who is also the world no 1 and current Asian champion, secured a 21-11 21-16 win over Japan's Daisuke Fujihara in the first SL3 class semifinals that lasted 36 minutes.
Bhagat set the tone early in the game and defeated Oleksandr in two straight sets to seal the match in 26 minutes.