Ravi, who composed hit songs for the Sridevi-starrer 'Chandni', was honoured with the award for 2008-09 and Anuradha for 2009-10 at a grand function held at Nehru Stadium last night.
Instituted by the Madhya Pradesh government in the year 1984-85 in the honour of city born renowned singer Lata Mangeshkar, the award is given either to a playback singer or music composer.
Madhya Pradesh Culture and Public Relations Minister Lakshmikant Sharma handed over Rs two lakh and a citation each to Ravi and Paudwal.
The award function had been put off due to various reasons for the last two years.
Going down the memory lane, 84-year-old Ravi recalled some of his music compositions sung by Lata which are still cherished by the music lovers.
"Lata Mangeshkar is one of the greatest artistes of all times and I am honoured to receive the award which carries her name," he said.
"I believe it is every singer's dream to receive such an award," Anuradha said while accepting the honour, adding that she has grown up listening to Lata's melodious songs.
Twenty six music personalities have received the Lata Mangeshkar award so far.