"I really want to thank Osian's and all people for this honour bestowed upon me. The journey (cinematic and poetic) that I have gone through has been really beautiful. A person needs these kind of acknowledgements because they give creative satisfaction to an artist, " said Gulzar.
"I have been doing my work with full sincerity since all these years and I'll continue giving my best, " he added.
The Oscar-winning lyricist-writer-director was given the award at the opening ceremony by Chief Minister Sheila Dikshit.
Also present on stage were filmmaker Vishal Bhardwaj and his singer wife Rekha, who crooned to some of Gulzar's numbers like "Tujhse naaraz nahin", "Dil hoom hoom kare" and "Seeli hawa choo gayi".
The award honours the 73-year-old for his creativity and contribution to entertainment that goes beyond cultural, linguistic and other boundaries.
Gulzar, whose first hit song was "Mera gora ang lai le" for the film "Bandini", has penned many hits in Hindi films over the years.
In recent years, he wrote chartbusters such as "Beeedi", "Kajra re" and "Chaiyya Chaiyya".
He also directed critically acclaimed movies like "Aandhi", "Parichay", "Mausam", "Ijaazat", "Lekin" and "Maachis".
The fest will be held at the Siri Fort Complex in the capital till Oct 30.