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This paper aims to attempt to compare the development strategies and achievements of India and China in the last 50 years and to analyse the challenges lying ahead if the trend continues.

The paper critically evaluates the growth strategies of the two economies. Changes in approaches, achievements and failures are analysed using materials from past research and secondary data. Impacts of economic reform process and economic management capabilities have been evaluated. Critical analysis is the main approach of the paper.

Based on the experiences of economic growth so far with reformed and open economies, India can learn several things from China. China has achieved better results based on investment‐driven export‐oriented policies that may not be sustainable in the long run. It has so far ignored the socio‐political issues, which can have very serious consequences in the future. Relatively slower economic growth in India is based on stronger socio‐economic foundations. Mutually beneficial economic cooperation between the two economies and rising interdependence with regional and global powers should provide a better future.

The paper provides a comprehensive picture of strategies, outcomes and possibilities. It links past development strategies to future challenges. It may be of value to researchers and policy makers in both economies while considering future directions.

Papua New Guinea (PNG) relied heavily on exploitation of mineral wealth in the past for achieving economic growth. Although in terms of macroeconomic indicators, growth performance is not entirely unsatisfactory, the government failed to redistribute the benefits of this limited growth, and the beneficiaries have been localized and narrow. As a result, in terms of standard of living of its population, PNG remained one of the poorest nations in the world. In recent years, the new development strategy to a greater extent stresses renewable sources such as agriculture, fisheries, processing and downstream activities, and tourism. With its unique and pristine physical and cultural diversity, tourism can conveniently become the mainstream economic activity of this island nation. However, PNG tourism is entirely based on its natural, environmental and cultural resources. So any economic activity which disturbs these infrastructures is most likely to affect the tourism potential adversely. Development of agricultural activities, fisheries, forestry and mining, while undertaken indiscriminately (as it is done today), is actually affecting the potentiality of tourism growth and creating conflicts of economic interests. As a result, neither tourism nor other activities are being developed properly and the wellbeing of the country’s population remained unchanged. More importantly, these conflicts are often generating significant and far‐reaching social and political tensions. Unless controlled at this initial stage of development, the process can lead to a very unbalanced situation from where a turnaround would be extremely difficult.