Kapil Dev's 1983 world champions were feted by the top brass of the Board of Control for Cricket in India (BCCI) at a dinner attended by former captains, cabinet ministers and officials at a luxury hotel here.
"It was an achievement that made the whole nation proud and sparked renewed interest in the game," said BCCI president Sharad Pawar, a political heavyweight and federal agriculture minister.
"The win was something we will never forget. Every cricketer in the years to come has this rich legacy to inherit and learn about the diehard spirit to win."
It was on June 25, 1983 that Dev's unheralded team pulled off a stunning upset to deny Clive Lloyd's all-conquering West Indians a hat-trick of World Cup titles with an amazing 43-run win at Lord's.
The 14-man squad, popularly known as Kapil's Devils, will fly to London on Monday for a private function at the Long Room in Lord's on June 25 followed by a gala dinner later that evening.
The BCCI had earlier been reluctant to mark the occasion because the team included players who are now involved in the unauthorised or 'rebel' Indian Cricket League (ICL) promoted by the Zee media group.
Dev is the ICL's chief organiser while 1983 teammates Sandeep Patil, Madan Lal, Roger Binny and Balwinder Sandhu serve as coaches of various ICL teams.
The BCCI, however, relented amid media criticism and agreed to celebrate the 1983 feat even though ICL players and officials are banned from associating themselves with official cricket.
Earlier on Sunday, the BCCI said it will not allow ICL cricketers from England, South Africa and New Zealand who are playing for English counties to take part in the upcoming Twenty20 Champions League.
However it was Kapil's Devils who stole the show in an evening which had everything: emotions, jokes, leg-pulling and best of all mutual admiration. The choking Kapil recalled how he came from a 'sleepy town' and 'humble background' and learnt much from idols like Jimmy Paji (Mohinder Amarnath) and Sunny bhai (Sunil Gavaskar). He acknowledged the contribution of every member of the winning team, shared anecdotes and all along kept his emotions in check.
Former India captain Sunil Gavaskar, who was part of the winning team, has organised the Lord's gathering while liquor baron Vijay Mallya will sponsor the London dinner, officials said.
A diamond-studded bat signed by all team members will be auctioned by Mallya's United Breweries group to mark the occasion, a company release said.
"This is our way of ensuring that the silver jubilee celebrations are memorable for millions of those who were either a part of it or yearned to be one," said Gavaskar.
An emotional Dev told AFP: "It is a moment to reflect on the past and look ahead to even better performances by the national team.
"We will remember the good times."
India's next best World Cup finish came in South Africa in 2003 when Sourav Ganguly's team reached the final but lost to Australia.
In the last edition in 2007 in the Caribbean, India were knocked out in the first round after losing to minnows Bangladesh and eventual finalists Sri Lanka.
The next World Cup will be jointly hosted by India, Pakistan, Sri Lanka and Bangladesh in 2011.
Kapil Dev (capt), Sunil Gavaskar, Krishnamachari Srikkanth, Mohinder Amarnath, Yashpal Sharma, Sandeep Patil, Dilip Vengsarkar, Kirti Azad, Syed Kirmani (wicket-keeper), Roger Binny, Madan Lal, Balwinder Sandhu, Ravi Shastri and Sunil Valson.
Manager: Peter Man Singh.