Mr. Lalit Doshi was Chief Executive Officer of MIDC from June 1979 to May 1982. He played a crucial role in the industrialization of backward areas of Maharashtra by promoting industrial estates in these regions. In his Memory, from the year 2014, the Foundation has instituted jointly with MIDC the Lalit Doshi Memorial Award, for Small & Medium Enterprises located in MIDC area of Maharashtra.
In selecting the best performing Unit for the award, various parameters, such as the financial performance, promoters' background, technology involved, among others, were considered.
The manufacturing units in SME (Small & Medium Scale enterprises) sector under MIDC areas are considered for the award annually. Each year, units in a particular Revenue Division (to be considered by rotation) are considered for the award. The Award is given to the companies in SME sector having activities in backward areas of Maharashtra.
The Lalit Doshi Memorial Award consists of a certificate and cash prize of Rs.100,000/-
A Similar arrangement earlier existed with SICOM.