The other nominees in the world music album category included Brazil's Gilberto Gil and Milton Nascimento and Britain's John Mclaughlin.
Pandit Ravi Shankar, who was born in Varanasi, had earlier bagged the honour in 1968 and 1972.
Pandit Ravi Shankar is the brother of renowned dancer late Uday Shankar, who was a legend in his own right.
As a child, Pandit Ravi Shankar performed in his brother's dance company, but gave up dancing at the age of 18 and took to playing the sitar.
The 82-year-old maestro has achieved legendary stature as a composer, performer and teacher as well as widespread international recognition. The melodious strains of his sitar have carried Indian music across the seven seas.
As a music director at All India Radio, Pandit Ravi Shankar composed many film scores, notably for the celebrated Appu trilogy of director Satyajit Ray.
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