As a matter of fact, nobody talks about Bollywood but Indians themselves. Of course we have heard of Bollywood but rather as a joke than being taken seriously. I have yet to see an Indian movie played in our mainstream or art house movie theatres outside of some festivals . Even than, India movies are shown every blue moon night, as Chinese, Korean and Japanese are always shown.
Chinese movies like In the Mood for Love, Farewell my Concubine, Raise the Red Lantern, Chunking Express, Crouching Tiger - Hidden Dragon, Infernal Affair and so many others have become a cinematic canon of any self-respecting movie fan in Europe. Plenty of Hollywood directors have copied Chinese movie styles such as Tarantino.
It seems Indians are living in a parallel universe where place 95 make them leading in charity and soliloquy of their silly Bollywood makes it important in the cinematic world. LOL