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'India to emerge as third largest economy by 2025'

India will emerge as the third largest economy in the world after US and China by 2025, Indian High Commissioner to Britain, Nareshwar Dayal, said citing the marked growth of IT sector in the country which has added significantly to its productivity.

"The sustained growth of the Indian economy, averaging six per cent in the last decade is the proof that IT has not only added to its productivity but has today become a key driver of growth," he said inaugurating the first India-Europe IT summit in London on Tuesday.

Dayal said, "India is poised to emerge as the third largest economy in the world after US and China by 2025."

The one-day summit was organised by NASSCOM (National Association of Software and Service Companies) in association with Financial Times, Europe.

Dayal said the Indian IT sector has shown remarkable growth with software exports reaching $6.2 billion in the year 2000-01 and currently growing at the rate of 50 per cent per annum.

Referring to the fast changing nature of IT sector and the IT skills shortage in the UK, and Europe at large, he said India is emerging as the preferred global hub for software development.

Sir Rob Young, British High Commissioner to India, referred to the excellent relations between India and UK, and the immense possibilities for Indian IT companies in UK.

Phiroz Vandrevala, chairman of NASSCOM, outlined the strength of the Indian IT in areas like call centres, back offices, engineering and design.

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