The 75-year-old actor said cinema is the only medium that offers "poetic justice" in mere three hours and he is proud to be a part of the film fraternity.
"I have always felt that my request and regard for the Indian film industry have rested in the presence the film industry has had in our world. When we sit inside a dark hall we never ask the creed, the colour (or) the religion of the person sitting next to us.
Recalling a conversation he had with his father, eminent poet Harivansh Rai Bachchan, the actor said, "During the last years, my father used to sit in front of the television and see a Hindi film every evening, often it used to be my own film.
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Bachchan was presented with the award by Akshay Kumar and Union Minister of Information and Broadcasting Smriti Irani.
The actor, in his speech, also said that Goa is very close to his heart and thanked IFFI for the recognition.
"Goa is very close to my heart. My first film 'Saat Hindustani' was shot in Goa and therefore I have immense amount of memories and love for people of Goa. The very first fan I had was also from Goa her name is Zareen Fernandez.
Actor Sidharth Malhotra paid tributes to Bachchan with a dance performance on his popular songs such as "Khaike paan Banaras", "Saara zamaana" and "Jumma chumma de de".
Akshay, who welcomed the star on stage called him the "father of Indian cinema".
The actor recalled meeting Bachchan in Kashmir, as a teenager, and thanked him for inspiring hundreds of people to choose acting.