Apart from Bachchan, the event was also attended by actress Vidya Balan and yesteryear stars Sharmila Tagore, Jaya Bachchan and Mousumi Chatterjee.
The jam-packed Netaji Indoor Stadium watched the screen giants raise a toast to the cinema.
The tune of the magical evening was set by fusion music and classical music performed by percussionist Bickram Ghosh, classical music vocalist Rashid Khan and singer Indranil Sen.
"The Indian cinema from its beginning has taught us the lessons of finding love, justice and social unity. And most importantly the banishment of communal prejudices and hatred," Bachchan said.
Also Read
Balan spoke on how focus has been put on women power in this film festival.
"The competition focuses on women directors and I think this is the time of women power and goddess power and what could be better place than Kolkata to start this."
Tagore, who is heading the jury which will select the best film and director from among 14 short-listed entries by women filmmakers, also endorsed Balan's views and felt that monetary incentive would give additional encouragement.