Joshi, a doyen in the field of Hindustani vocal music passed away in Pune on Monday. Chief Minister Prithviraj Chavan said the award would be given away every year to an artist who has made valuable contribution to classical music.

"The award comprises cash prize of Rs one lakh and a citation," he added. Similarly, Chavan said a scheme to encourage classical music in the state will be announced in the name of Pandit Joshi.

The scheme includes government grants for gurukul, classical music concerts, scholarships, music conferences, he added.