A love story, the film revolves around a happy-go-lucky Barfi played by Ranbir as he goes through love and heartbreak.
Priyanka Chopra plays an autistic girl in the film, which also marks the Bollywood debut of Southern star Ileana D'Cruz.
"Barfi is the Indian entry to the Oscars. We selected it to represent the country out of 20 films," Supran Sen, secretary general of the Film Federation of India, told PTI.
Released on September 14, the film, which has minimal dialogues, has been lauded by the critics as well as audience.