Complex sentence: The award was introduced by the Government of India in 1969 to mark the centenary birth year of Dhundiraj Govind Phalke (1870--1944), popularly known as Dadasaheb Phalke, who is often regarded as "the father of Indian cinema".
Split into simpler sentences: The award was introduced by the Government of India to commemorate Dadasaheb Phalke's contribution to the Indian cinema. First presented in 1969, the award marked the centenary birth year of Dhundiraj Govind Phalke (1870--1944) who is popularly known as and often regarded as "the father of Indian cinema".