Well, more than Donna Summer who is going to be inducted this year or Madonna who was inducted in 2008.
I won't get into an argument over whether sitar music is "more rockin'" than "Hot Stuff" or "La Isla Bonita" because I'm not sure it is.
But he certainly had more influence on bands that definitely are Hall of Fame caliber. In fact, I will make the argument that the sitar music of Ravi Shankar is responsible for a very specific, very identifiable vibe in rock music history.
For instance, if you were making a movie set in the mid to late-mid Sixties and you wanted to communicate the message of "Hey, this movie is in the mid to late-mid Sixties!" you might do so by having this song on the soundtrack...