Pushpa Khanna, who developed the "Gourdin" which when administered to the patients suffering from diabetes showed blood sugar lowering effect, was honoured by The Sovereign Order of the Knight of Justice, a London-based NGO.
She was recognised as "Ady Pushpa Dame of Justice, according to a statement issued on Tuesday.
She is the first Indian woman scientist, who has been knighted for her services, it said.
The drug, which is being sold since 2001 through Internet as health product worldwide, is being exported to Malaysia and Japan. "A memorandum of understanding is being signed with China," the statement said.
The drug has been patented in Australia, Indonesia, Canada, US, South Africa and India.
Khanna has also developed anti-fungal oil "Bitterin".
