[1] V. R. Panchamukhi has been honored with the Padma Shri, the fourth highest Indian civilian award, for his contributions to the literature and education on 26 January 2025 by the Government of India.

[citation needed] His father was a renowned epigraphist, archaeologist and Indologist, who dedicated his life to historical research and Indological studies.

He also achieved 1st rank in Bombay University doing his master's degree in statistics with econometrics in 1958, for which he was awarded the Chancellor's Gold Medal.

His work on 'Effective Rates of Protection and Domestic Resource Cost', prepared and published jointly with Bhagwati and T. N. Srinivasan, made a significant impact on the trade policy regimes of the 1960s and 1970s.

He was invited to work at the South Centre (organization), Geneva, by Julius Nyerere, the former President of Tanzania, and the then Chairman of the group.

His analytical paper on the proposed Multilateral Agreement on Investment was utilized for negotiations at the WTO Ministerial Meetings (Singapore) in the 1990s.

He delivered a complete series on "Srimad Bhagavad Gita — Its relevance to contemporary life" which was telecast by SVBC TV (Sri Venkateswara Bhakthi Channel, TTD).

He continues his active pursuits of research and knowledge dissemination as: Panchamukhi's deep insight into various aspects of economics can be seen in the books authored by him.