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Sreejesh foiled an attempt from Nicolas de Kerpel when the shoot out was locked 4-4 and Akashdeep Singh found the net to make it 5-4 for the Tokyo Games bronze medallists.
The Kerala team will be battling for their seventh title later on Monday at the Manjeri Payyanad stadium in Malappuram.
The win gives India a 10-point lead at the top of the table, but as coach Reid pointed out before the game, India have played more matches than any other team.
The Indian hockey goalkeeper's wife Dr Aneeshya received the prize from former world chess champions Viswanathan Anand.
The three final contenders determined via online/SMS voting are (in alphabetical order): K V Athulya (football), S Soorya (volleyball), and P R Sreejesh (hockey).
The six final contenders picked by an expert panel are: P R Sreejesh (hockey), Sanju Samson (cricket), S Soorya (volleyball), Sandra Babu (athletics), Nihal Sarin (chess), and K V Athulya (football).
Jarmanpreet Singh (22') and Harmanpreet Singh (57') were the goal scorers for India while Victor Charlet (16', 59'), Victor Lockwood (35'), Charles Masson (48'), Timothee Clement (60') struck for the winners.
Sreejesh beat competition from sports climber Alberto Gins Lopez of Spain and Italy's wushu player Michele Giordano for the award.
This year is going to be a busy one for Savita, who was named captain of the Indian team for the upcoming women's Asia Cup in Muscat.
India, who had already sealed a semifinal berth, ended the round-robin stage of the five-nation tournament at the top of the standings with 10 points.