Abhishek Patel, 40, ran for more than half a mile with the live bomb on his shoulder so it would be a safe distance from the school playground in Chitora, Sagar District, Central India, where he found it.
The police officer said the faces of hundreds of innocent school children drove him to risk his life and remove the potentially dangerous shell from the school’s vicinity when he realised there was no bomb squad available to help him.
The officer said: “Since it was a residential area and a school compound, my only aim was to carry the bomb as far away as possible from there.
“We have learnt during our training that had it exploded, it would have damaged 500 metres of the surrounding area.”
The bomb weighed 22lb and was around 12 inches.
Mr Patel added: “It has been the best feeling in my life to date.
“After running for nearly 800 metres and throwing the artillery shell at a deserted place, the relieved students who were earlier scared, met me and thanked me.
“A senior teacher of the school also expressed his gratitude for saving nearly 400 children in his school.”
Ashok Gehlot, from the All India Congress Committee, said: “Head Constable Abhishek Patel has shown a great sense of duty and courage by carrying away a bomb found in a school.
“Patel and his entire unit, who rushed to save children deserve our applause.”
Police officers are currently investigating why the bomb was at the school.
The brave officer received an award of 50,000 INR (£600) for his bravery.
The bomb was later defused by army personnel of Mahar Regiment Centre at Sagar on Sunday.