"I feel immensely honoured by this great responsibility entrusted upon me and I shall strive to live up to the people's expectations, " Akhtar told minutes after his name was announced.
"In fact, I feel humbled that I have been chosen to enter the sanctum sanctorum of the Indian democracy. It is indeed a great responsibility and I shall attempt to contribute in whatever manner I can."
Akhtar, 65, will be sworn-in April 12. The lyricist assured he would take up relevant causes for the people and not just hold onto the Rajya Sabha seat.
He also said he would attempt to reflect the hopes, feelings and aspirations of the people, especially from Mumbai, in the country's most august democratic forum.
In 1997, his actress wife Shabana Azmi had been nominated to the Rajya Sabha.
Akhtar was awarded a Padma Shri in 1999 and a Padma Bhushan in 2007, besides several National Awards for film lyrics.
He penned lyrics for the hit numbers like "Ek ladki ko dekha", "Sandese aate hain", "Radha kaise na jale", "Kal ho na ho" and "Jashn-e-bahara".