The film has created discussion in India about whether it exploits "poverty chic".
But the Times of India said film-goers should forget "the twitter about aggrieved national sentiment" and enjoy "a piece of riveting cinema".
Indian readers of the BBC News website have sent in mixed reactions
"Danny Boyle's camera does not reach the face of the India of today. He misses the two main aspects of the country - the progress as well as the rampant consumerism," writes R Mukherjee.
"He seems to have wilfully restricted his film to either gaze lewdly at the navel or condescendingly at the dirty underbelly; both of which sell well in the West."
But Tina Verma from Mumbai writes: "I think this is the only 'positive' film I've seen so far on the slums in Mumbai, and it makes me proud as an Indian that the film has received so much recognition."
The film revolves around 18-year-old Jamal Malik, played by Dev Patel, who wins the jackpot on Kaun Banega Crorepati, the Hindi version of Who Wants to Be a Millionaire?
Jamal participates in the game show not for money but to reach his missing girlfriend Latika, played by Freida Pinto, who watches the programme without fail.
The film stars well-known Bollywood actors Anil Kapoor and Irfan Khan.
Kapoor said at the Thursday night premiere: "We are really, really emotional. All of us just can't stop hugging each other."
The producers have announced that a portion of the box-office proceeds will go a welfare fund set up for the betterment of slums in Mumbai (Bombay).
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