He had served as the Union Minister of State for Planning in the UPA-led Congress government headed by Manmohan Singh.
Karnataka Chief Minister BS Yediyurappa condoled the demise of Rajashekharan.
Rajashekharan, son in law of former Karnataka Chief Minister S Nijalingappa, was an authority on rural economy and had set up an institute to make studies on rural development. He represented Kanakapura constituency in Lok Sabha and was known for value-based politics, Yediyurappa said.
"May his soul rest in peace and may God give the strength to his family and followers to bear this loss", he added.
( With inputs from ANI )