This is the first Indian subject matter film to appear on the list. It is notable in how much the film is lavish and adventure like in tale. It mirrors the growing tendencies of the late 1920's towards escapist movies, adventure tales and romantic epics that would culminate with the swashbuckler Romantic adventures of the 1930's. That being said there is nothing super impressive about this story in particular apart from its striking visuals. It really only serves to push the escapist genre further along in history rather than innovate or invent it in the way of Thief of Baghdad, The Eagle or other later films.
It should be noted that this film, while about Indian stories was directed by a European and not by an Indian individual. This film is very much a remnant of the colonial era in that sense and the subject matter should be noted as well as it deals mostly with fantastic, faraway storylines that don't touch upon the sensitivity of colonialism.