Basu, who has directed films like Barfi!, Life in a Metro and Murder, said he is not wary of releasing his films clashing with the Hollywood ones.
"I am not scared to release my film along with movies like Spiderman or a Tom Cruise flick," he said.
The director claimed that "soon Hollywood will have to see our release calender before releasing their movie."
Basu, who was the chief guest for the event, termed himself "a small part of this lovely journey of the Indian cinema."
During the inauguration of the centenary package at IFFI, an onstage dialogue between Dada Saheb Phalke and his wife Saraswati, unravelling his passion that pioneered silent black and white cinema in India, was performed by actors Lillette Dubey and Mohammad Ali Baig.
Veteran filmmaker M S Sathyu had designed the set for the onstage dialogue, written by Sharayu Phalke Saummanwar, the grand niece of Dada Saheb Phalke.