China and India are ranked among the top Asian economies of the world. Both these countries had their challenges as developing countries. China’s growth take-off occurred around the same time as India’s, under the leadership of Deng Xiaoping. Till about 1990, the GDP of the two countries were roughly equal in purchasing power parity (PPP) terms. Consequent upon a balance of payment crisis by the late 1980s, India adopted Liberalisation, Privatisation, and Globalisation, to reform the economy. As two of the most populous countries in the world, China and India have both experienced fast economic growth and a fall in poverty rates in the past four decades. The advent of globalisation aided trade and openness, provided a scope for development .There has been rapid transformation of their economies and also a rise in their per capita income. As per the World Bank, China has reduced poverty levels from 770 million (1978) to 5.5 million people (2018). By 2021, China declared that it has eradicated extreme poverty and boasts of a moderately prosperous society in all respects. Massive investment in education and expansion of health care since the 1950s has resulted in real achievements. Meanwhile, India has overtaken China as the most populous country of the world .The World Bank (June 7th 2025), has revised its threshold poverty line to $3 per day and as per that Extreme poverty in India has declined from 27.11percent in 2011-12 to 5.3percent in 2022-23. China’s present GDP is about $20 trillion in comparison to India’s $4.18 trillion. This paper is an attempt to understand, and relate the growth story of India and China since the last fifty years, particularly after the onset of 1990s troika of liberalisation, privatisation and globalisation (LPG) / openness.