Actor Anupam Kher and singer Udit Narayan will receive the Padma Bhushan. Mr Kher received the Padma Shri in 2004, Mr Narayan in 2009.
Mr Kher, who is currently attending the Jaipur Lit Fest, thanked the country for "the biggest award in (his) life" and said, "I thought about my journey - three years in Mumbai on the streets, sleeping on railway platforms. If a clerk's son can get the Padma Bhushan, anything can happen in life." Mr Kher also said he had a "responsibility towards society."
Priyanka Chopra and Ajay Devgn will receive the Padma Shri. Both actors have highly-anticipated films out this year - Priyanka stars in Jai Gangaajal, Ajay in Shivaay which he also directs.
A statement from Ajay Devgn read: "I feel deeply humbled yet elated to receive such honor from my own country. This announcement today makes it special for me when I'm filming abroad for my new film Shivaay. I'd like to acknowledge that Padma samman puts an extra responsibility on me and I promise to serve my country for as long as I can."
His wife Kajol, who received a Padma Shri in 20011, tweeted:
Another Padmashri in the family. Congrats to my other half with lots of love & pride ! @ajaydevgn? Kajol (@KajolAtUN) January 25, 2016
Filmmakers Nila Madhab Panda, S S Rajamouli and Madhur Bhandarkar will also receive the Padma Shri.
Veteran actor Saeed Jaffrey, who died at the age of 86 in November 2015, will also be awarded the Padma Shri posthumously.
Other names on the honours list include sports stars Sania Mirza and Saina Nehwal and Reliance founder Dhirubhai Ambani, who will posthumously receive the Padma Vibhushan.