This is a significant effort to boost diversity following the controversy earlier this year when no actors of colour were nominated for the Oscars.
The Academy extended membership invitations to 683 distinguished filmmakers, artists and executives representing "the best in our global film community and who have made a lasting impact on movie fans everywhere."
The new members are among the largest and most diverse class in the Academy's 89-year history.
Apart from Tagore and Pinto, British filmmaker of Indian-origin Asif Kapadia, who won the best documentary feature at this year's Academy Awards for his work on jazz singer Amy Winehouse, also features in this year's class of new members.
Mehta is known for her direction of movies such as "Midnight's Children" and "Water".
The Academy said the class of 2016 includes 283 international members hailing from 59 countries, and 46 per cent of this year's 683 invitees are women, and 41 per cent are minorities.
The new class is more than double last year's 322 invitees and the effort to diversify its members comes in the wake of the '#OscarsSoWhite' controversy which erupted earlier this year when no actors of colour were nominated for Oscars for the second year in a row.
The list continues with names of rising stars like "Star Wars" actor John Boyega, "Harry Potter" actress Emma Watson, musicians Mary J Blige and Will.I.Am.
Recent Oscar winners included in the list are Brie Larson, Mark Rylance, Alicia Vikander, "Spotlight" producer Michael Sugar, Laszlo Nemes (director of best foreign-language film 'Son of Saul'), "The Big Short" writers Adam McKay and Charles Randolph.
Idris Elba, Michael B Jordan, Nate Parker, Rachel McAdams, Dakota Johnson, Peter Mackenzie, Tom Hiddleston, Eva Mendes, Michelle Rodriguez, Gabrielle Union, Rita Wilson and America Ferrera have also made the cut.
Internationally acclaimed filmmakers like Ken Loach from England, Iranian director Abbas Kiarostami and Belgian-Kurdish movie-maker Sahim Omar Kalifa.
