An effort is made in this article to compare the economies of two Asian giants, India and China. While China is world’s second largest economy, India also appears to be a promising endeavor. The recent growth in the GDP of India has flabbergasted economist all around the globe. We would try to understand the two economies individually and then try to compare the two economies on some suitable parameters. We should bear the fact in our mind that the most crucial factor in a country’s development is, whether the standard of living of its citizens has improved or not. The Chinese economy, owing to its four times larger size, can add more output to its economy at 6.5% GDP growth than what India would add at 40% GDP growth rate. Data points out that China’s economy is in better condition than Indian economy in terms of HDI and GDP but still it will not be an exaggeration to say that China has also paid the price for economic growth in terms of civilian rights and Individual freedom. The Chinese government’s communist mind and India’s corruption at all tiers appears as big halts in achieving these objectives. At last we would also try to understand the few big challenges these economies face or will face in near future. This paper shall strengthen its conclusion by using mathematical tools such as graphics, charts, statistics, etc. The analysis could be helpful for not only understanding the economic structure of the two nations but also in resolving some of the budding problems which could turn into mammoth obstacles in near future.