The Mandovi riverbank was lit up, with a plethora of cultural programmes and stalls adding to the ambience.
Before the inauguration ceremony, the delegates enjoyed a tableau parade depicting the Goan carnival and local lifestyle.
"There are so many activities being planned for the delegates that I am afraid the five theatres showing over 200 world-class movies may go empty," Parrikar joked.
The festival has been divided into several sections, including the Asian competition of 15 films (out of which two films will be awarded the golden and silver peacock awards), World Cinema, Indian and Foreign Retrospectives, Tributes and Homage, Indian Panorama and Mainstream Indian cinema.