Ignoring that the film industry in India is popularly called Bollywood, in honor of Hollywood.
In India, it's referred to as "बॉलीवुड".
"Bollywood" was invented & popularized in Bombay-based film trade journals in the 1960s & 1970s. It was an explicit reference *by the Indian film industry there to Hollywood. It was additionally a play on “Tollywood" for the Tollygunge-based cinema of West Bengal, which had been called that since the 30s.