According to a new study by the Boston Consulting Group (BCG), the combined consumer market of India and China will touch $10 trillion in net worth by the year 2020, emerging as a major part of the Asian economies.

The survey, which included interviews with consumers and business leaders, also found that in the coming decade till 2020, the combined consumer spending will be around $64 trillion in the two large neighbors. The amount is three times the figure recorded in 2010 for the earlier period. The new figures indicate that the two Asian markets will gain increasing importance in the global economic order and much of the developed economies will be dependent on the markets for their survival.

Michael J Silverstein, a senior partner at BCG pointed out that the middle class in the two countries will expand to a combined total of 1 billion people by the year 2020. The large middle class in the two countries will be the largest consumers for consumer goods in the countries.

The book, titled ' The $10 Trillion Prize: Captivating the Newly Affluent in China and India', which was co-authored by Silverstein, states that the present volatility in these countries due to the global economic downturn is only temporary and the countries will recover and achieve targets that were set much earlier.

The research concludes that the Asian consumers will have resources to fuel demand in their countries and productive and supportive policies from their governments will help the economy achieve greater heights.