Wipro chief Azim Premji and filmmaker Yash Chopra have been named for the awards along with British journalist and broadcaster Mark Tully, who has been reporting from the subcontinent for decades.
Indian Newspaper Society's former president Abhay Chaglani, eminent doctor and Dean of Bombay Hospital B.K. Goyal and eye specialist J.M. Hans too figure in the list, said sources.
The sources, familiar with the selection process, said a ghazal singer who is also the wife of a senior cabinet minister is among the awardees.
The list of awardees is announced on the eve of the Republic Day.
The sources said South Indian singer K.S. Chitra, who has won several national awards, will also be honoured with a Padma award - India's highest civilian honour given in the three categories of Padma Vibhushan, Padma Bhushan and Padma Shri.