The ethos of Udyogini is a fundamental belief in women's empowerment and capacity to be leaders. The Anita Sen Memorial Award is given annually to disadvantaged women who have overcome odds to build an enterprise that is of direct benefit to them, and have consistently displayed the ideals of Anita Sen, in whose memory the Award was instituted. Anita was Udyogini's Program Coordinator when she died in a rail accident, in September 2002 on her way back from Udyogini's program area in Orissa.

The values that guide the selection of the recipients are: Sensitivity to society, Unselfishness and Selflessness; Simplicity; Sincerity; Determination and Courage; Being forthright; Being critically reflective and also open to criticism; and Care for the smallest thing. A Committee has been constituted to determine the focus, criteria, and process as well as to select the awardees. The committee is composed of members of Udyogini's board and management, Anita's family, professional colleagues and associates.

In 2004, the first Anita Sen Memorial Award, was given to three individuals (from Rajasthan, Karnataka and Kerala) and one group from Orissa. The awards were presented by Ela Bhatt, founder, SEWA, Ahmedabad and a founding member of Udyogini, at a function on 13th March 2004, in New Delhi.

In 2005, Ms. Manisha Varia, from Bhasha Research Center, working in Tejgarh, Vadodara district, Gujarat was selected for the award. The award presentation was held in Tejgarh, where the Awardee lives and works.

In 2006, the award went to one individual (Laxmi Jain, working with Seva Mandir, Old Fatehpura, Udaipur, Rajasthan) and one group (Ma Ambika Nari Sangha, of Asha, Dhenkanal, Orissa). The function was organized in Delhi in conjunction with an event of SEWA Bharat (founded by Ela Bhatt) and the awards were presented by Nalini Nayak, Secretary, SEWA Bharat.

In 2007, N. Bhuvaneswari was selected for the award in recognition of her services to the Tsunami-affected people of Nagapattinam. Mr. Mani Shankar Aiyar, the then Minister of Panchayati Raj, presented the award to Bhuvaneswari at a function in Poompuhar, Tamil Nadu.

In 2009, the process was changed to honor even larger numbers of disadvantaged women. Two previous awardees, Kasturba Nari Sangha and Maa Ambika Nari Sangha of Orissa, were given the fund to give smaller awards for deserving SHGs in their area. Forty-six deserving savings and credit groups of Sambalpur and Dhenkanal districts were honored with a certificate and a token cash prize.

In 2010, Maa Mansa Mahila Samiti, Ranchi and Tailyang Shanti from Arunanchal Pradesh have been awarded by Udyogini with its prestigious Anita Sen Memorial Award for their noteworthy contribution in entrepreneurial activity and in addressing social needs. They have received a checque of `25000 with a credential of appreciation from Udyogini.