"Raju was honoured for his commitment to revive Philadelphia through the Germination Project," said Asif Ismail, publisher of The American Bazaar, an online ethnic news publication about Indian-Americans.
"The Germination project is a signature initiative of the Pamela and Ajay Raju Foundation that recruits talented teenagers and prepare them to be tomorrow's leaders," Mr Ismail said in a statement.
Previous recipients of the award include, Indian-American philanthropist Frank Islam and Suri Sehgal, founder of the SM Sehgal Foundation.
In his remarks on the occasion, Mr Islam underscored the need of philanthropy. Mr Raju, he said, has done a fabulous job in regenerating the city of brotherly love.
"We are living in an increasingly dangerous world and times. World peace is essential for the future of this planet. There is much deadly conflict now and threats of it around the globe which must be controlled," he said.
Navneet S Chugh, a California-based attorney, said the US has a rich tradition of charity and giving.
India and Indian-Americans still have a long way to go, as he citied some of the recent figures with regard to non-profits.
Last year Americans gave USD 500 billion in donations to charities. As many as 70 percent of this was given by individuals and only five per cent came from corporate sector.
One third of the donations went for religious purposes, 20 per cent went to education and 10 per cent to social services.