Chief Minister K. Chandrasekhar Rao said Dipa set a record by becoming the first Indian to qualify for Olympics after 52 years.
The 23-year-old scored 15.066 points, a mere 0.15 less than eventual bronze winner Giulia Steingruber (15.216) of Switzerland in the final on August 14.
Rao said the amazing performance of Indian women in Rio Olympics was inspiring.
The Chief Minister said women need to be supported in every sphere of life and the whole country should back them.
He announced the cash prize for Dipa, who hails from Agartala, a day after declaring a huge bonanza for badminton star P.V. Sindhu, the Hyderabadi girl who bagged a silver medal in the women’s singles event.
Rao announced Rs 5 crore cash prize, a house site and a government job for Sindhu and Rs 1 crore cash award for her coach Pullela Gopichand.
He also announced Rs 1 crore for Sakshi Malik, the woman wrestler from Haryana who won a bronze medal.