In 1988, The Council of Scientific and Industrial Research (CSIR) awarded Srivastava the Shanti Swarup Bhatnagar Prize, the highest Indian science award for his contributions on high temperature oxide superconductors, growth, characterization and application of hydrogen storage materials.[6] He received the Goyal Prize in Physical Sciences and K. S. Rao Memorial Award on Renewable Energy in 2000 and two years later, the Indian Science Congress Association awarded him the 2002 Homi J. Bhabha Award in Applied Sciences.[14] In 2009, he was recognized by the ICSC with the Material Research Society of India-ICSC Award.[10] The National Academy of Sciences, India elected him as their fellow in 1989,[21] followed by the Indian National Science Academy in 1994[7] and the International Association of Hydrogen Energy in 2010.[22] He was also an elected fellow of the Asia Pacific Academy of Materials, International Academy of Physical Sciences and the New York Academy of Sciences.[14]