Joshi was honoured with the award at a ceremony held in this western Maharashtra town on the eve of Marathi Rangbhumi Din.
Veteran actor Jayant Sawarkar presented the award to Joshi, who has acted in a number of Marathi and Hindi films, besides in plays.
The award is conferred in memory of Vishnudas Bhave, the founder of Marathi theatre.
The award includes a trophy, a citation and a cash of Rs 25,000.
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