However, the director is a little disappointed on not seeing many of his Bollywood colleagues at the festival.
"I was very eager to come here because I thought I would meet a lot of colleagues as we are celebrating 100 years of Indian cinema but I am a little disappointed as not many of them are here. I thought I will meet people from fraternity to celebrate. People who are sitting in Mumabi free should have come. It's a big thing to miss," he added.
Talking about "Barfi", which is India's nomination for the Oscar in the best foreign film category, Basu said it was too early to hope anything.
"I will announce it as big achievement when it is nominated. It is just India's nomination and I know so many things have been written about it but I think it doesn't deserve so much of attention because it is just at an initial stage. I will keep my fingers crossed for Oscars," he added.
Basu is currently working on several scripts but has not finalized on one yet. He has given himself a December 14 deadline to land a another directing job.