Edison: In the coming years, rapidly growing India and China will play a significant role and overshadow the development of their Asian neighbours, a senior Doha Bank official said.

R Seetharaman, the Chief Executive Officer of Doha Bank in Qatar said that India will become one of the most sustainable economies in the future. He even insisted that by 2030, Asia's economy, mainly encompassing India and China, will be larger than that of US and European Union combined.

Addressing the Indian American Association here, Seetharaman said the world has seen India and China emerging as the main contributors to the recovery of the global economy from a crisis situation.

He said the International Monetary Fund (IMF) projects the world growth at 4.4 percent for 2011 with advanced economies projected to experience around 2.5 percent growth while emerging and developing economies, including the Middle East region, projected to grow at around 6.5 percent.

The G-20 has predicted that India will be one of the 10 largest members in the IMF and its rank in the IMF will improve to eighth position from the current 11th in terms of quota.

India, US trade increased by 30 percent in 2010. Deals worth USD 10 billion signed by US companies with India will create over 50,000 jobs in the US.

This made the UN estimate that India would contribute fully a quarter of the additions to the world's workforce over the next 10 years, he said.

India will persevere with implementing financial sector reforms to support rapid and inclusive growth in the real economy and also to increase systemic stability in the financial sector.

Some of the major sectors in India that have immense potential are infrastructure, agriculture and food processing, information technology and education.

Investment in physical infrastructure is expected go up to USD 1 trillion during the 12th Five-Year plan from 2012 to 2017.

(Agencies)