VASVIK awards have been instituted by Vividhlaxi Audyogik Samshodhan Vikas Kendra (VASVIK), a non profit making non governmental organization established in 1974 by the Mumbai based business family of Patels, headed by Mohan Patel, an ex Sheriff of Mumbai, who is credited with the development of the first ophthalmic nozzle pure aluminum tube. The awards are annual in cycle and have been instituted with a view to promote industry based research in India in the fields of science and technology. Nine categories have been identified for the awards and individuals and groups are eligible for the awards, except one, which is reserved for women scientists. The awardees are selected by a Board of Advisors nominated by the organization. The awards honour innovation in design and production techniques which foster economic growth of the country by way of import substitution, reduction of manufacturing costs and foreign exchange saving.