"Why should we care about the Oscars, when they don't care about us? We have our own film culture, which is very rich," Ratnam told on a visit here.
Ratnam was visiting Cinema Paradiso, the city's happening video library that boasts of a huge collection of world classics as well as contemporary films.
This was his first visit to Kolkata after the release of "Guru". And he got a rapturous welcome from the city where his film "Yuva" was based.
Talking about "Guru", he said, "Rumours are flying thick that the film is based on the life of an eminent Indian businessman. It's all useless talk. 'Guru' can be anyone's story."
"Guru" tells the story of an ambitious young villager (Abhishek Bachchan) who moves to Turkey and then to Mumbai to become one of the richest businessmen in the country, making many compromises on his way to success.
On his next venture, the Tamil filmmaker said: "I am working on the script of a film titled "Lajo". Kareena Kapoor will be playing the lead role in the film."
Referring to the changing scenario of Indian cinema, Ratnam noted: "The earlier difference between art films and commercial cinema has almost vanished. Now it's a mix of both."
While agreeing that a filmmaker has a social role to play, he added with great candour that a filmmaker was not a preacher. "Indian filmmakers can move from entertainment to more socially relevant issues only after the economic condition of the masses improves. Only then will they be in a mood to see socially relevant cinema."