The award is part of an endeavour to bring public policy literature to the forefront of public discourse and decision-making.
"My life has been a series of coincidences and accidents," Debroy said after receiving the award.
"Born in Shillong (when it was a part of Assam), back then it was cut off from the mainstream and my only connect was Illustrated Weekly of India. I participated in a writing competition for the magazine and won a prize. That, in a way, was my first literary award. As life progressed, I explored economics as subject and wrote extensively through the years.
"My wife has been my partner in this journey, and I would share this honour with her," he said.
Debroy's upcoming works include a book on economic reforms with Diwakar Jhurani, book on the agenda for the government, translation of the "Brahma Purana" and biography of Manmatha Nath Dutta, one of India's greatest translators.
Speaking on the occasion, SKOCH Group Chairman Sameer Kochhar lamented that public policy didn't make for popular literature even though it was invaluable for a country's growth and development.
Noting that 30-40 books on public policy are published every year, he said serious public policy issues hardly received any place at literature festivals, across the country.
"Good policy making is a prerequisite for inclusive growth and development. For India, this has been a big constraint. The biggest problem with policy making in India has been its disconnect with ground realities. Insufficient and unreliable data and statistics also hamper the process of good policy making.
"To achieve the desired result it's pertinent that policy making comes out of its comfort zone and is devised on the basis of ground realities," a SKOCH Group statement said.
( With inputs from IANS )