"We produce more than 1,000 films annually in our country which is biggest in the world. Occasionally, it is said that cricket is a religion in India, that's true, but cinema is alternative religion in India," he said at the inauguration function of 45th edition of the festival.
Megastar Amitabh Bachchan opened the festival, which honoured South Indian actor Rajinikanth with the centenary award for Indian film personality, and Hong Kong filmmaker Wong Kar-wai with the lifetime achievement award.
"The young growing mind learn from the films more than formal method of education," he said, adding that the cinema industry in India is matured.
"Last decade has seen corporatisation that is going to make it more professional. Information and Broadcasting Ministry is playing its own little role," Jaitley said.
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He stated that on the occasion of centenary celebration of Indian cinema, national film heritage mission has been initiated so that the cinema is preserved in a digital format and is available for generations to come.
The minister also pointed out that a special centenary award has been introduced in the annual IFFI since last year.
Elaborating on the decision to make Goa as a permanent venue for IFFI, Jaitley said that here (in Goa) the pleasure of attending the film festival is combined with hospitality of Goans.
"There cannot be better combination than this," he said.