Mr Shankar received the Bharat Ratna in 1999. He is survived by his wife Sukanya and daughters Anoushka and Norah Jones.
Legendary sitar maestro Pandit Ravi Shankar, who spearheaded the worldwide spread of Indian music and had a major influence on Western musicians like The Beatles, died today in San Diego at the age of 92.
Mr Shankar, whose health had been fragile for the past several years, underwent a surgery on Thursday at the Scripps Memorial Hospital in La Jolla, California where he breathed his last.
The music icon was admitted to the hospital last week when he complained of breathlessness.
"It is with heavy hearts we write to inform you that Pandit Ravi Shankar, husband, father, and musical soul, passed away today," his wife and daughter, Sukanya and Anoushka Shankar, said in a joint statement.
A recipient of Bharat Ratna in 1996, Shankar maintained residences in both India and the United States.
He is survived by his wife Sukanya; daughter Norah Jones; daughter Anoushka Shankar Wright and husband Joe Wright; three grandchildren, and four great-grandchildren.
"As you all know, his health has been fragile for the past several years and on Thursday he underwent a surgery that could have potentially given him a new lease of life. Unfortunately, despite the best efforts of the surgeons and doctors taking care of him, his body was not able to withstand the strain of the surgery. We were at his side when he passed away," the joint statement said.
"We know that you all feel our loss with us, and we thank you for all of your prayers and good wishes through this difficult time. Although it is a time for sorrow and sadness, it is also a time for all of us to give thanks and to be grateful that we were able to have him as a part of our lives. His spirit and his legacy will live on forever in our hearts and in his music," they said in their joint statement.
A three-time Grammy award winner, Mr Shankar last performed in California on November 4 along with his daughter Anoushka Shankar.
Mr Shankar has also been nominated for the 2013 Grammys for his album The Living Room Sessions Part-1 and was pitted against Anoushka in the same category.
"Mr Shankar had suffered from upper-respiratory and heart issues over the past year and underwent heart-valve
replacement surgery last Thursday. Though the surgery was successful, recovery proved too difficult for the 92-year-old musician," said another statement issued by the Ravi Shankar Foundation and East Meets West Music.
In recent months, performing, and especially touring, became increasingly difficult for the musician.
However, health couldn't prevent Mr Shankar from performing with Anoushka on November 4 in Long Beach, California.
"This, in what was to be his final public performance, was in fact billed as a celebration of his 10th decade of
creating music," the foundation said.
It said the memorial plans will be announced later. A Bengali Brahmin, he was born Robindra Shankar on April
7, 1920 in Varanasi, the youngest of four brothers, and spent his first 10 years in relative poverty, brought up by his mother. He was almost eight before he met his absent father, a globe-trotting lawyer, philosopher, writer and former minister to the Maharajah of Jhalawar.
In 1930, his eldest brother Uday Shankar uprooted the family to Paris, and over the next eight years Shankar enjoyed the limelight in Uday's troupe, which toured the world introducing Europeans and Americans to Indian classical and folk dance.
As a performer, composer and teacher, Mr Shankar was an Indian classical artist of the highest rank, and he
spearheaded the worldwide spread of Indian music and culture, said writer and editor Oliver Craske, who provided additional narrative for Mr Shankar's autobiography 'Raga Mala'.
Mr Shankar achieved his greatest fame in the 1960s when he was embraced by the Western counterculture. Through his influence on his great friend George Harrison, and appearances at the Monterey and Woodstock festivals and the Concert for Bangladesh, he became a household name in the West, the first Indian musician to do so.