Madgulkar has been selected for his outstanding contribution towards Marathi literature and culture over the past five decades through short stories, novels, columns, film scripts, travelogues, sketches, paintings and essays. His best known work is Bangarwadi, a novel depicting life in a jungle village. His other famous works include Mandeshi Manasa, Sattantar, Sati, Binbiyanche Zaad and Naagzira.

Madgulkar had also worked for the All India Radio for 30 years and was conferred D Litt degrees by two universities. The award carries a cash of Rs 1 lakh, a citation and a momento. The award is given every alternate year and its previous recepients were: Vijay Tendulkar (1991), "Vinda" Karandikar (1993), Indira Sant (1995) and Gangadhar Gadgil (1997).

Critic M P Rege and actorAmol Palekar will be chief guests on the award presentation function.