'Jai Ho' and 'Slumdog' will compete with 73 other entries from around the world, including 'Octomom' and 'Recessesionista', to become the millionth word of the English language.
The English Language will cross the 1,000,000 word threshold on June 10, 2009 at 10:22 am Stratford-Upon-Avon time, the Global Language Monitor, an Austin, Texas-based firm said.
The Indian entries include 'Cuddies', a word used to refer to ladies' underwear or panties, 'Jai Ho', AR Rahman's globally successful title track from the Academy Award winning, 'Slumdog Millionaire' as well as the word 'Slumdog'.
"The Million Word milestone brings to notice the coming of age of English as the first, truly global Language," said Paul JJ Payack, president and chief word analyst of the Global Language Monitor.
"Due to the global extent of the English language, the Millionth Word is as likely to appear from India, China, or East Los Angeles as it is to emerge from Stratford-upon-Avon, Shakespeare's home town," said the firm's website.
The website said that the word with the highest PQI (Predictive Quantities Indicator) score will be deemed the 1,000,000th English language word.
Each word will be analysed according to the number of citations and geographic extent of word usage, as well as number of appearances in the global print and electronic media, the Internet, the blogosphere, and social media, such as Twitter and YouTube.
While OK is the most recognised English word across the globe, the French word with the least chance of entering English Language is 'le courriel' which means E-mail.
United States President Barack Obama's name is also in the race with the term 'Obamamania' along with 'Mobama', used to refer to the impeccable fashion choices of US First Lady Michelle Obama.
The website, which has been monitoring the Queen's language since 2003, said that English appears to be adding a new word every 98 minutes or about 14.7 words a day. The recession has thrown up a gamut of words which are in the race, 'Financial Tsunami', 'Zombie Banks', 'Chiconomics' and 'Bangsters'.