The drama was honoured by The American Film Institute (AFI), whose 13 jury members listed it as one of this year's eight "Moments of Significance in Film, TV and Web," on Sunday.
The movie tells the story of an 18 year-old boy from the slums of Mumbai who falls in love with a young orphaned girl.
An AFI spokesperson says it "stands as a monument to the possibilities of cross-cultural storytelling".
Other significant moments applauded include media coverage of U.S. President-elect Barack Obama's run for The White House and NBC's footage of the Summer Olympics in Beijing.
Comedienne Tina Fey also impressed with her hit TV series 30 Rock and jeering impersonation of Republican Vice-Presidential candidate Sarah Palin on comedy sketch show Saturday Night Live.
The winners of the AFI Awards, selected by industry professionals and critics, will be honoured at a luncheon next month.