Jaya says people in her era, and even before, were guided by a true passion for cinema to tell the stories that were essential.
"I think people at that time, writers, thinkers, artistes of different kinds, musicians, or anybody who had some kind of sensitivity in them, made cinema that they thought should be made.
"Of course, it had to talk about the time they were living in, or had lived with. Unfortunately, or fortunately, they didn't talk about what is going to happen to cinema (in the future)," she said.
"Most importantly they were all creative people and not businessmen. I think that is why they could make the kind of cinema they did at that time which is relevant even today."
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She was speaking at a special panel discussion on the cinema of iconic filmmaker Bimal Roy, at the 18th Jio MAMI Mumbai Film Festival with Star, last evening.
The "Kabhi Khushi Kabhie Gham" actress said filmmaking today has undergone a huge change, with no space for subtlety or even shame.
"People have forgotten subtlety, open display of affection is considered smart. All that definition has changed. Aur sharam naam ki toh koi cheez he Nahi hai."
Jaya also pointed out that Bollywood films have increasingly started to ape west and do not look Indian anymore.
"How many characters today in our cinema, whether men, or women, represent our country? They could be from anywhere in the world. They don't look Indian.
The actress was, however, all praise for movies like "Aligarh" and "Masaan", which she said narrated true stories of India.
Jaya said if directors focus more on the content, their films will be recognised.
"The most important thing is, what a filmmaker wants. Does he want to tell a story, or exhibit stars? The minute you start overloading your film with big names so that you get good opening, then it is a problem.