Lloyd said the current Indian team was well balanced and its enormous talent would propel it to greater heights.
"They would be the world champions in near future. They are right up there at the top in world cricket," said Lloyd who was in New Delhi to announce the launch of International Cricket Council (ICC) awards in his capacity as an ICC match referee.
"Indian cricket is very exciting. The Indian team has the talent, bowlers and batters who can face up to any attack in the world," he said.
Lloyd said "one of the best series" was on the cards with Australia set to tour India later this year.
"It would be very exciting to see two very good teams engage in competition," he said.
However, Lloyd was understandably disappointed with the performance of his own team and said they would have to work very hard to raise their standing in world arena.
"West Indies need to galvanise themselves into a winning combination. Winning is contagious just like losing, they have to get into the habit of winning once again," he said.
Lloyd said the team should be given some time to pick itself up as recent performances show that it was not totally outplayed by its rivals.
"In the Test matches they have had an upper hand but they have let it slip away -- they batted badly in Jamaica (against England) but they weren't totally outplayed. They have some young cricketers and we have to give them some time," he said.
The former batsman said the upcoming Test series in England would be the "turning point" for West Indies.
"It will be uppermost in their minds how badly they played against England at home. It will not be easy to play against England as they have done extremely well against some of the best sides in the world. It will be a stern test for West Indies."
Lloyd conceded that poor results on the trot must have had a "telling" effect on captain Brian Lara but did not approve of his "tactics" during the Bangladesh Test series when he had said he would quit if his team lost the match to the minnows.
"It must tell on him if his team is not playing well. But it was not the best statement to make when he said he would quit. You don't want such tactics from the captain who should lead from the front -- although the team did well when he said this."
On Viv Richards' resignation from the selection panel, he said, "There are problems in selection only when the team is not winning. Viv must have had his reasons to quit."