Veteran filmmaker Yash Chopra says the Hindi film industry is facing intellectual bankruptcy.

"I feel there is a greater need for new ideas. Someone called it a complete intellectual bankruptcy. We need good stories, scripts and actors. Only then can we make good films," Chopra said on CNN's chat show "The Scene".

"There has been so much progress in the digital and technical side. People are talking about looks, costumes and make-up - everything should be flawless. But we are not giving importance to content as we did before."

Chopra began his career as a director and after churning out successful films like "Deewaar", "Kabhi Kabhi" and "Chandni", he started producing and distributing films.

But his ultimate dream was to have his own studio.

"In 1995, my son Aditya Chopra's first film, 'Dilwale Dulhania Le Jayenge' gave us so much money that all our dreams were fulfilled. Last year, by the grace of god, on Oct 12 Yash Raj Studios opened and my dreams were fulfilled."

Mumbai means a lot to Chopra who has spent most years of his life working here. Living in any other city is out of question for the filmmaker.

"I have been in Mumbai for 54 years. I came here as a young boy with dreams and visions. This city has given me everything. I achieved everything in Mumbai," said Chopra who is very fond of the rains.

"I don't think it is possible to live anywhere else now. I love to go to Delhi, Punjab, even foreign countries - but I don't want to live anywhere. Mumbai's infectious. Once you start living and working in Mumbai, I don't think you can live anywhere else."

On directing a Hollywood film, he said: "I don't know, maybe if somebody offers, but I don't think anybody ever asked me! I am happy in India because I don't think Hollywood is the end of anybody's journey. I am very proud of being an Indian film director."