The romantic comedy starring Ranbir Kapoor will represent the country in the 'Best Foreign Language Film' category.
Basu told Hindustan Times: "I haven't seen the other nominations in that category, but I respect the jury's decision to put forward this film. If they think it's worth it, maybe it is."
He responded to criticism that the film was too similar to Charlie Chaplin films and the French hit Amelie.
"Before the film released, I had said that I have taken inspiration from Chaplin. I never hid that fact. If films like The Artist can take inspiration, why can't we?
"Also, it's a Disney UTV film. I had to sign a disclaimer before doing the film that it's a completely original concept. If a Dev.D can be made out of Devdas, why can't I take inspiration from Chaplin? It's me paying homage to him."
Lead actor Kapoor recently said that playing a disabled character was not "challenging in the way people think".
He admitted this week that he is "surprised" by the box office success of the unusual film.
Watch Ranbir Kapoor, Priyanka Chopra and Ileana D'Cruz in the trailer for Barfi! below: