The 45th edition of the festival, being held for the first time at the newly-built Dr Shyama Prasad Mukherjee Indoor Stadium instead of the usual venue here, was opened by Information and Broadcasting Minister Arun Jaitley.
Bachchan, 72, the chief guest of the event, gave an extensive speech on the evolution of Indian cinema, saying it always played an important role in national integration.
"If popular perception is any indicator, then the major part of social transformation in India can be attributed to cinema's potentially reformist character," he said.
"If the world is a village, we are the custodians of its stories," Bachchan said, adding, "if we don't know the stories of our forefathers, we cannot write the story of today."
Also Read
Rajinikanth, 63, was conferred with the special centenary award for Indian film personality.
An audio-visual presentation of the Tamil superstar's more than three decades work was shown at the ceremony.
An emotional Rajinikanth touched Bachchan's feet, addressing him as 'big brother'.
"I am honoured to receive this award from the government of India and my heartful thanks to the nation. I dedicate this award to all my film producers, directors and fans," he said.
In his speech, Jaitley said, "Occasionally, it is said that cricket is a religion in India, that's true, but cinema has always been the alternative religion in India.
"It entertains us, it educates us, it gives us various social perspectives. Young growing minds learn from it more than from formal methods of education. Cinema industry in India has matured.