In several scenes, it is obvious that the animal actor playing Bagheera is actually a black jaguar. For example, the jaguar is larger and heavier than the leopard/panther. The scene where Bagheera tackles a poacher, he is much to large and heavy to be a leopard/panther.
In the movie, Baloo is represented by a black bear. While bears do exist in India, black bears are indigenous to the North American continent.