This book talk is co-organised by the Centre on Asia and Globalisation (CAG) and the Asia Research Institute (ARI), and is funded by the Nalanda Professorship in India-China Studies. The talk by Vamsi Vakulabharanam is based on a recently published book by the Oxford University Press – Class and Inequality in China and India, 1950-2010. China and India have seen a significant revival over the last three decades in terms of their place in the world economy. Two and a half centuries ago, they contributed 50 percent of the world output; after suffering a decline thereafter, their share fell to a paltry 9 percent in 1950 but has since resurged to over 25 percent today. Their growth and inequality experiences diverged for three decades following India's independence (1947) and the Chinese revolution (1949). Thereafter, there are remarkable underlying similarities in the experiences of both countries, especially in terms of their rising inequality patterns analyzed through a class lens. The author demonstrates that the mutual interconnectedness between Chinese and Indian growth and inequality dynamics and the transformation and evolution of global capitalism is key to understanding the within-country inequality dynamics in both countries over the 1950-2010 period. Based on this analysis of class-based inequalities, the author reflects on the current political moment in both countries, from a political economy perspective.