Many of the developing countries of Asia and Africa with large and increasing populations are currently at low levels of economic development but represent large potential markets for consumer as well as industrial products. Some developing nations in these continents have initiated economic reforms under the advice of international lending agencies such as The World Bank and IMF. Due to the process of deregulation and economic liberalisation taking place in these countries there has been a sudden upsurge in economic activity and as expected several industries are in the process of transformation. Th impact of reforms on industry has been felt acutely in India where several industries are now in the process of transformation. From a regulated and protected environment firms have been catapulted into a market oriented economy where international competitiveness is the only route to success. For a long period firms in India had been pursuing cost leadership strategies based on low wage labour. The target customers were essentially at the lower end of the market requiring low quality and low priced products. However, we are now seeing some changes in the strategic thinking of corporate leaders. With the realisation of the changes in the competitive environment firms are now experimenting with diversity of strategic approaches. From a low cost approach firms are moving towards a new management paradigm. Strategic approaches incorporating product differentiation, brand building, rapid new product development, major technological changes, organisational restructuring for greater effectiveness and efficiency, internationalisation and a strategic refocusing on business, with a view to building on core competences are fast becoming the order of the day in India. Future progress on the economic front in India as well as on the sub-continent would depend on improvement in the governance processes. Political stability would be a key to further reforms and in turn industrial resurgence. Africa is going to face a very major challenge in the process of industrial development as the political situation there is far more complex with armed internecine conflicts being rampant.