Joshi is credited with creating a distinct identity for Indian advertising by combining "structured" western style with the "chaos" of the Indian way of life.
He has won more than 400 national and international advertising awards including Gold, Silver and Bronze Lions at Cannes.
In 2006, Joshi was nominated as a Young Global Leader by the World Economic Forum, joining other individuals under 40 who share a commitment to shaping the global future.
On the occasion of India's 60 years of independence, a few months ago, The Times of India put Joshi among the country's Top 60 Icons for his contribution in several fields that have shaped India's public awareness.
Joshi is also an accomplished songwriter for many popular Bollywood films, which has earned him a Bafta and Oscar nomination.
Terry Savage, chairman of the festival, said: "Prasoon Joshi is an extremely talented and passionate creative leader who is pushing boundaries that ultimately shape the future culture of his country and beyond."
Joshi said: "It's wonderful to be part of Cannes as a jury president and a creative individual. There is no formula, specific style or trend that connotes Cannes. It always surprises and I celebrate this unpredictability."