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He had been ailing for some time and was undergoing treatment for liver and kidney ailments.
Hakam Singh won gold in 20 km race walk event during the 1978 Asiad at Bangkok.
The Dhyan Chand awardee had also served as Havaldar in the 6 Sikh regiment.
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Condoling the demise of the athlete, Rana Sodhi said that both Punjab as well as the country would remember the glorious achievements of Singh in the sporting arena.
He termed the passing away of Singh as end of an era and an irreparable loss to the sports fraternity.