India is growing at a faster pace and it has become the most preferred destination for investments and opportunities in the world, Vice President Jagdeep Dhankhar said on Monday.

Recently, India has surpassed its colonial masters and has become the fifth-largest economy in the world, he said.

The Vice President also exuded confidence that India will become the third-largest economy on the global horizon by the end of the decade.

"India is on the rise as never before. The rise of India is unstoppable, and we are the most favoured destination globally for investments and opportunities," he said here at the National Handicrafts Award ceremony.

The handicraft sector holds a huge potential for growth, particularly in the rural and semi-urban areas, he noted.

Dhankhar also suggested that professionals from IITs and IIMs can help the industry in promoting its growth and branding of products.

Branding is key to fetch good prices, he said, adding it is only the handicraft sector where huge value addition is possible.

As India will get the G20 presidency from December 1, it will also give an opportunity to showcase handicraft items to the world.

Unlike many other sectors, this industry requires less capital and resources and it helps create huge job opportunities and forex earnings.