Sarandon, 67, was nominated four times for the Academy awards before finally bagging the honour in 1995 for 'Dead Man Walking'.
The actress said winning the trophy now has more to do about who is backing you rather than actual talent.
"Getting an Academy award is great. You kind of join an elite club. But at the same time there are so many actors in the film business. Now you need to have someone like Harvey Weinstein behind you to get an Academy award or even a nomination.
The actress-turned-activist also expressed her delight over meeting veteran Indian actress Waheeda Rehman, who was honoured with the Centenary award at the festival.
"I told Waheeda that it was wonderful to meet an older actress who has been in the film business for so long and is still cheerful and happy and glowing," she said.
"The business is very cruel to women. People have often asked me whether me being involved in politics has lost me jobs in Hollywood. The truth of the matter is Hollywood is not political and the only reason why you can lose work is if you grow old and fat. I think there is something to be said for that," Sarandon said.
