Blatter and Asian Football Confederation chief Mohammed Bin Hammam handed over medallions to the former soccer stars who included padmashree and Arujuna awardess, olympians and those who have done duty for India at the Asian Games.
Among those present were Sailen Manna, Chuni Goswami, P K Banerjee and Prasun Banerjee.
Speaking on the occasion, Blatter said that it was now time for action as far as Indian soccer was concerned.
"Its time for the sleeping giant to wake up. And it is waking up," he said.
Blatter said that he has been left spellbound by the varieties in Indian culture which he has watched throughout the day. "Everywhere that I visited, people received me from the depths of their heart".
Image: FIFA President Joseph Sepp Blatter (left) walks with Indian Football Association President Priyaranjan DasMunshi during a visit to Mohun Bagan Football Club in Kolkata on Sunday.
Photograph: DESHAKALYAN CHOWDHURY/AFP/Getty Images