Information and Broadcasting Minister Arun Jaitley, Defence Minister Manohar Parrikar and Minister of State for I&B, Rajyavardhan Rathore will be present at the function to be held at Dr Shamaprasad Mukherjee stadium in Taleigao village here.
Superstar Rajinikanth would be honoured with the special centenary award for his contribution to Indian cinema.
The festival will open with Iranian filmmaker Mohsen Makhmalbaf's film 'The President', about a dictator who comes face to face with the people he previously subjugated.
"We have sourced some brilliant films this time which won awards at Cannes, Berlin and other film festivals," the director said.
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In what is a record of sorts, Mohan said, in this edition, 28 films which competed for the coveted Academy awards (Oscars) will be screened during the festival.
The organizers have also drawn a list of 50 must-watch films, he added.
The festival will have 20 international and 91 Indian premiers including some films which are showcased in the Indian Panorama section, the director said.
In international cinema section, films by 12 masters will be screened, while the festival kaleidoscope will showcase 20 films.
A special section on documentaries comprising six films is also the highlight of the festival, while in the 'Soul of Asia' section seven outstanding films have been selected for exhibition.