The 1957 black-and-white cult movie, also starring Waheeda Rehman, Mala Sinha, Johnny Walker, Mehmood and Tun Tun, will be screened on November 21 at Azad Maidan here, read a statement.
The 46th edition of the prestigious 11-day annual extravaganza will be held from November 20.
With the dedication of 45 technicians and experts for over four months, the film has been restored and Ultra will re-release "Pyaasa" theatrically worldwide after the festival.
Produced and directed by the late Guru Dutt, "Pyaasa" is a story of an unemployed young man who tries to carve a niche for himself as a poet in society after he is disowned by his family, but encounters rejection at every step.
Penned by Abrar Alvi and cinematographed by the veteran V.K. Murthy, the movie has music by S.D. Burman, lyrics by Sahir Ludhianvi and several masterpieces rendered by Mohammed Rafi, Geeta Dutt and Hemant Kumar.
Some of its haunting numbers include "Yeh duniya agar mil bhi jaaye to kya hai", "Jaane kya tune kahi" and "Jaane wo kaise log the...".
The "Indian Classic section" at IFFI will have more than eight films that will be screened in the segment.
The other films to be screened in this division are: "Jait Re Jait", "Manthan", "Bhavni Bhavai", "Is Raat ki Subaah Nahi", "Uttarayanam", "Ek Din Achanak", "Ajantrik" and "Do Bigha Zameen".
Sushil Kumar Agrawal, CEO of Ultra Media & Entertainment Private Ltd, said: "It gives us an immense pleasure to present a cult classic like "Pyaasa" in the renowned film festival."