Indian filmmakers and actors should not run after Oscar awards and there is no need for them to dream of getting a spotlight there, said actor Amitabh Bachchan.

"Do Brad Pitt and Tom Cruise look for a Filmfare award? So why should we do so (go after Oscars,)?" he said.

"A Lagaan or Devdas may have been screened at the Oscars but every time we make a movie, there is no need to dream of a spotlight there, he said speaking at the India Today Conclave on "Cinema in India: Perception and Reality."

On the fear of Hollywood's "colonization" of Asia, Bachchan said "the penetration of Hollywood movies in India is on lines of western consumer products. But we have a 5,000-year-old culture which can withstand that effect."

"Let us adapt and use the technology and the film-making techniques which they have," he said.

According to the 62-year-old actor, "Indian cinema is being appreciated the world over, even in places which have no cultural links with us. People sing our songs, remember the actors by their names in movies... This speaks for the identification our movies get".

Dwelling on the need for good cinema, he said the success of recently-released Sanjay Leela Bhansali's Black featuring him in a lead role has shown that Indian viewers are not intellectually weak. "If they see a good movie with a sensitive subject, they will appreciate it."

Such movies should be made, he said adding if the opportunity comes, he will work in more such films.

Bachchan said there was a need to create a "fail-safe" corporate structure for Hindi cinema, a competent management, accountability and a business opportunity - a worthy investment abroad. "We need rational trade facilities to market our films."

He said ABCL was a move in corporatisation but it failed. "However, we are trying to get it back again."

He said the excitement of 80s is no more there, and while Vikram Seth, Rushdie and others are there, "no new galaxy of stars is coming up."

Whether writers or film makers, it was the NRIs which were making their mark and in the years to come, Indian writers would have to compete for a Booker with their cousins living abroad.