The International Film Festival of India ended at the Kala Academy Complex, in Panaji, Goa, with the well-known Bengali actor-director, Aparna Sen predicting that the film festival would be known all around the world as the Goa International Film Festival, in the near future.

Aparna Sen was the chief guest at the concluding ceremony of the film festival. She explained that all the international film festivals are held at a permanent venue and well known by the name of the place where they are held and never ramble from one place to another place. She gave examples of many international film festivals such as Cannes Film Festival, London Film Festival or Venice Film festival.'
Chinese film, 'The Old Barber' won the Golden Peacock and the director of the film, Hasi Chaolu received Rs 10 lakh for the best picture in the competitive section.

The Korean director, An Kung-lee was declared as the promising director for the film, 'A Short Life'. 'Nirontor', a film from Bangladesh received the Special Jury Award for its director, Abu Sayeed. They received a Silver Peacock and Rs 5 lakh each.

The Chief Minister, Mr. Pratapsingh Rane, the secretary for information and broadcasting, Mr. S K Arora, the director of Film Festivals, Mr. V B Pyarelal and the Chief Secretary, Mr. J P Singh were present on the occasion.
The Chief Minister Rane in his speech informed, 'The opening and concluding ceremonies of the next IFFI in Goa would be held at the new proposed International Convention Centre. The Centre will also be used for allied activities like musical concerts, fashion shows, documentary film festivals, exhibition of classic movies, etc,'

The film festival opened with 'Volver' (Spain) and "Babel" (Mexico) was the closing film of this festival.