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Purpose: This paper aims to identify and discuss new and novel business paradigms in China and India In addition, this study examines the new business environment in those countries (2020 onwards) in the context of COVID 19 and explores the challenges and opportunities in the post COVID period Design/methodology/approach: Based on content analysis, this study discusses contemporary topics such as innovation, exports, foreign direct investment, technology, social capital, board independence as part of corporate governance and explores novel themes such as consumer behaviour in regard to luxury brands and women entrepreneurship in an emerging country context in this paper Findings: It was found that there are several novel paradigms in the context of China and India A paradigm shift in diplomatic relations has taken place as an aftermath of COVID-19 in the world Originality/value: This paper explores most of the unique dimensions of new and novel paradigms in the context of China and India © 2020, Emerald Publishing Limited