Under Dengs liberalized economic policies, foreign direct investment (FDI) started pouring into China, and since then, the Chinese economy is rising at the dizzy annual rate of about 10%. In the early 1990s, India also embarked on a major economic reform policy, liberating the economy and opening it to foreign investors. Substantial foreign capital came into India during the last decade, but the amount of FDI that went into China during the same period can be compared to a tsunami. The world had never witnessed this rare phenomenon of two relatively poor countries that together consist of one third of the worlds population, simultaneously taking off on a steep ascent in their economies. The unprecedented economic growth in these two countries is being noticed by the rest of the world with awe and disbelief. It is being widely predicted that these two countries would soon become the next world economic super powers. This paper presents the several factors of the phenomenal growth taking place in India and China and investigates the possibility of either country attaining world economic supremacy.