The Board of Control for Cricket in India (BCCI) announced a Rs one crore award for each member of the Indian team.
Coach Gary Kirsten and other support staff will get Rs 50 lakh each as reward for their contribution, while the selectors will be given Rs 25 lakh each, BCCI President Shashank Manohar said.
Delhi Chief Minister Sheila Dikshit announced a award of Rs two crore for Captain M S Dhoni and Rs one crore each for four Delhi players after their historic victory.
"The Chief Minister has decided to honour the Indian captain M S Dhoni by awarding him Rs 2 crore and also decided to give one crore each to Virender Sehwag, Gautam Gambhir, Virat Kohli and Ashish Nehra for winning the coveted World Cup after 28 years," a Delhi government official said.
Dikshit congratulated the team for its spectacular performance.
India defeated Sri Lanka by six wickets in the World Cup final in Mumbai last night to lift the coveted trophy which they last won in 1983 under Kapil Dev.
Karnataka Chief Minister B S Yeddyurappa announced his government would honour the victorious cricket players with a residential plot each from the Bangalore Development Authority (BDA).
Uttarakhand Chief Minister Ramesh Pokhrayal Nishank promised a residential plot or a house in Mussoorie hill station for Dhoni and Sachin Tendulkar, who has been a regular visitor there with his family.
He also announced that a stadium will be built in the state to be named after Dhoni.
Gujarat Government announced its highest sports honour Eklavya Award for Yousuf Pathan and Munaf Patel. The award carries Rs one lakh and a citation.