This article examines One Belt One Road (OBOR) strategic implications for India. It is argued that the implications need to be considered within the framework of the future development of the China–India relationship. The relationship is largely constrained by and embedded in the security dilemma at the present time. Taking the opportunity offered by the OBOR initiative, China and India should explore building a 'new model of major power relationship' between the two countries. While the border issue and regional security rivalry may not find an easy way out, it should not impede the leaders of the two countries from expanding the areas of cooperation and building up strategic trust between the two peoples. Beijing and New Delhi can and should find more areas of cooperation on non-traditional security issues, such as food security, water, energy, strategic metals, common concern over environmental protection and climate change and reforming the post-war international economic order.