The list includes lyricist Gulzar, acclaimed composer Ilayaraja and popular folk singer Teejan Bai.
The artists were felicitated by renowned sitar player Pandit Ravi Shankar here Tuesday at the unveiling of the 23rd Limca Book of Records, which has been titled a "Music Special".
Bhosle, who entered the Guinness World Records last year for the most single studio recordings, was honoured to receive the award from Shankar.
The other People of The Year who attended the event were Yesudas, Subramaniam, Mudgal and Teejan Bai, while the others couldn’t make it.
"Guinness was a big record, and I keep getting several awards in my life. But this honour is perhaps the biggest because I have had the privilege of getting it from Panditji," said the 78-year-old, who has reportedly recorded up to 11,000 solos, duets and chorus-backed songs in over 20 Indian languages since 1947.
On launching the "Music Special", Atul Singh, president and COO, Coca-Cola India and Southwest Asia, said: "Music and India go back to centuries…from olden times to modern day, Indian music is popular across the world, and what better than to felicitate those great artists who have made us hold our head high in the global market."
The book features over 10,000 feats in its latest edition, of which 6,000 are new records achieved by Indians.