India on Thursday welcomed a British court's ruling rejecting fugitive diamantaire Nirav Modi's appeal against his extradition to India in connection with a bank loan fraud case.

"We welcome the UK high court's decision to dismiss the appeal against extradition of Nirav Modi," Ministry of External Affairs spokesperson Arindam Bagchi said.

"We will continue with our efforts to get Nirav Modi back, as well as other economic offenders so that they are brought to justice," he said.

The spokesperson said India has been vigorously pursuing the extradition of economic fugitives so that they face the legal process in the country.

The fugitive diamond merchant on Wednesday lost his appeal against extradition to India at the High Court in London.

Modi, 51, has the option of further appeals in the UK and European courts and the process to bring him back to stand trial in India is unlikely to be a speedy one.

"Pulling these various strands together and weighing them in the balance so as to reach an overall evaluative judgment on the question raised by Section 91, we are far from satisfied that Mr Modi's mental condition and the risk of suicide are such that it would be either unjust or oppressive to extradite him," states the ruling.