The film, which stars Dev Patel (Jamal), Anil Kapoor and Irrfan Khan, was voted as the best film by audiences, winning the first Cadillac People's Choice Award at the fest that concluded Saturday.
Accepting the $15, 000 award and a hand-crafted glass and crystal designed by renowned Canadian artist Jeff Goodman on behalf of director Danny Boyle, actress Freida Pinto said she was thrilled to have her first premiere at the world's foremost film festival.
The award-winning film, which has Anil Kapoor playing the host of the game show "Who Wants to Be A Millionaire", was screened at the city's landmark Elgin Theatre in the evening.
Four other Indian-themed movies - Deepa Mehta's "Heaven On Earth", Priyadarshan's "Kanchivaram", Nadita Das' "Firaaq" and Megan Doneman's "Yes Madam, Sir" - also had their world premieres at the film festival.
The festival closed with the screening of "Stone of Destiny", which re-creates the story of four Glasgow University students who plotted to steal the 300-pound Stone of Destiny, the ancient coronation stone of the Scots from the English in 1950.
Considered to be the pillow stone of Jacob as per the Bible story, the stone was taken away by King Edward I of England in 1296.
"Stone of Destiny" shows how the four friends, fired by patriotism, reach London on Christmas day in 1950 to steal back the symbol of their heritage right under the noses of the English police.
Over 300 films from 64 countries were screened at the 10-day festival.