Indian economy will double to $5 trillion by 2024, and the country's rise will be higher than China's by the middle of 21st century, Reliance Industries Chairman and India's richest man Mukesh Ambani said today.

At the HT Leadership Summit here, Ambani recalled that he in 2004 had predicted about India -- then a $500-billion economy -- hitting $5 trillion in 20 years.

"Today, that prediction seems certain. Indeed, it will be achieved well before 2024," he said.

India's GDP size is nearly $2.5 trillion and ranks sixth in the world.

"Can we triple it to $7 trillion in the next 10 years and become the third-largest economy in the world? Yes, we can. Can we cross the $10-trillion mark by 2030, and close the gap between India and China, and India and USA? Yes, we can," he added.

Ambani was optimistic that India can become more prosperous than the US and China within this century.

"I believe that the coming three decades will be the defining decades for India. By the middle of 21st century, India's rise will be higher than China's. And more attractive to the world," he said.

According to Ambani, India will provide a superior and different developmental model that will create equitable and inclusive growth.