The statue was created by artist Taranjit Singh and paid for with council funding and donations from Sikh congregations.
Ajmer Singh Basra, president of the committee, said: "We are so proud to be unveiling this memorial to honour the sacrifice of all those brave men who travelled thousands of miles to fight for a country that wasn't their own."
He said the statue would serve as a reminder to Sikhs who have made Leicester their home.
Piara Singh Clair, from Leicester City Council, said: "For many decades, the Sikh community has significantly contributed towards the success of our city.
"I am very pleased that the idea of a Sikh memorial statue - envisaged by the late councillor Culdipp Singh Bhatti MBE - will be unveiled in Victoria Park.
"It will provide a fitting tribute alongside other memorials in the park."
The unveiling took place at De Montfort Hall on Sunday at 13:00 GMT and was attended by hundreds of people, including representatives from the armed forces.
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