Ratan Tata, 86, died at a Mumbai hospital earlier in the night.
Vice-President Jagdeep Dhankhar said he was "deeply pained" by the passing away of Ratan Tata and described him a man of deep commitment and compassion.
Ratan Tata, Chairman Emeritus, Tata Sons, passed away on Wednesday evening at Breach Candy Hospital in Mumbai.
Offering his condolences, V-P Dhankhar said in a post on X that he was deeply pained by the passing away of Ratan Tata.
"A towering figure of Indian industry, whose contributions towards building a self-reliant Bharat will forever be an inspiration to entrepreneurs in India and beyond," the post mentioned.
"A man of deep commitment and compassion, his philanthropic contributions and the humility he embodied aptly reflect the ethos he embraced. As 'the legend' of indian industry leaves behind a lasting legacy, Bharat would miss him very dearly," Mr Dhankhar said in his tributes, referrring to his philnanthropic works.
Maharashtra Chief Minister Eknath Shinde said on Thursday night that the last rites of industrialist Ratan Tata will be performed with full state honours.
CM Shinde said that mortal remains of Ratan Tata will be kept at NCPA from 10 am to 4 pm on Thursday for people to pay their respect.
The mortal remains of the business tycoon, were brought to his residence in Colaba on the early hours of Thursday.
The Maharashtra government cancelled all programmes scheduled for Thursday in Mumbai as a mark of respect to the late industrialist.
"All the programs of the state government in Mumbai have been cancelled for tomorrow, due to the death of industrialist Ratan Tata," Maharashtra Minister Deepak Kesarkar told reporters in Mumbai.
Ratan N Tata was among India's most respected and loved industralists, who took Tata Group to new heights and touched the fabric of the nation through his contributions across different areas including philanthropy.
Mr Tata, born on December 28, 1937, in Mumbai, is the Chairman of Ratan Tata Trust and Dorabji Tata Trust, two of the largest private-sector-promoted philanthropic trusts in India. He was the Chairman of Tata Sons, the holding company of the Tata Group, from 1991 until his retirement in 2012. Then he was appointed Chairman Emeritus of Tata Sons.
He was honoured with the country's second-highest civilian award, the Padma Vibhushan, in 2008.
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