India to be economic giant by 2020: Reddy

India will be a global economic giant by 2020 and will compete on equal footing with the US and Chinese economies by that period, Minister of State for Mines T Subbarami Reddy said on Wednesday.

"By 2020, India will be one of the most competing countries matching the economies of the US and China. The country's economy is spiralling high and will continue to do so under the present UPA government, under the leadership of Prime Minister Manmohan Singh," Reddy told PTI.

The way in which developed nations were evincing interest in the Indian economy, it showed that the country has made considerable economic progress, he said after inaugurating the Metallurgy India 2008 Exhibition at Pragati Maidan in New Delhi.

Reddy said Indian steel makers could benefit from the exhibition as it showcased state-of-the-art technology in pipe and other steel products. Even the oil exploration companies could take advantage of the platform, in which over 200 exhibitors from across the globe were displaying their products.