Economy of Germany

Weimar Republic and Third Reich[edit]
Main article: Economy of Nazi Germany

Gross national product and GNP deflator, year on year change in %, 1926 to 1939, in Germany. Via google to Pdf-file of German publication.

The Nazis rose to power while unemployment was very high,^[45] but achieved full employment later thanks to massive public works programs such as the Reichsbahn, Reichspost and the Reichsautobahn projects.^[46] In 1935 rearmament in contravention of the Treaty of Versailles added to the economy.^[45]
Weimar and Nazi Germany By Stephen J. Lee^[47]
The post-1931 financial crisis economic policies of expansionary fiscal policies (as Germany was off the gold standard) was advised by their non-Nazi Minister of Economics, Hjalmar Schacht,^[45] who in 1933 became the president of the central bank. Hjalmar Schacht later abdicated from the post in 1938 and was replaced by Hermann Göring.
The trading policies of the Third Reich aimed at self sufficiency but with a lack of raw materials Germany would have to maintain trade links but on bilateral preferences, foreign exchange controls, import quotas and export subsidies under what was called the "New Plan"(Neuer Plan) of 19 September 1934.^[48] The "New Plan" was based on trade with less developed countries who would trade raw materials for German industrial goods saving currency.^[49] Southern Europe was preferable to Western Europe and North America as there could be no trade blockades.^[50] This policy became known as the Grosswirtschaftsraum ("greater economic area") policy.
Eventually, the Nazi party developed strong relationships with big business^[51] and abolished trade unions in 1933 in order to form the National Labor Service (RAD), German Labor Front (DAF) to set working hours, Beauty of Labour (SDA) which set working conditions and Strength through Joy (KDF) to ensure sports clubs for workers.^[52]

Economy of India

The economy of India is characterised as a middle income developing market economy.^[42] It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP).^[43] According to the International Monetary Fund (IMF), on a per capita income basis, India ranked 142nd by GDP (nominal) and 124th by GDP (PPP) in 2020.^[44] From independence in 1947 until 1991, successive governments promoted protectionist economic policies with extensive state intervention and economic regulation, which is characterised as dirigism, in the form of the License Raj.^[45][46] The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad economic liberalisation in India.^[47][48] Since the start of the 21st century, annual average GDP growth has been 6% to 7%,^[42] and from 2014 to 2018, India was the world's fastest growing major economy, surpassing China.^[49][50] Historically, India was the largest economy in the world for most of the two millennia from the 1st until 19th century.^[51][52][53]

The long-term growth perspective of the Indian economy remains positive due to its young population and corresponding low dependency ratio, healthy savings and investment rates, and is increasing globalisation in India and integration into the global economy.^[10] The economy slowed in 2017, due to shocks of "demonetisation" in 2016 and introduction of Goods and Services Tax in 2017.^[10] Nearly 60% of India's GDP is driven by domestic private consumption^[54] and continues to remain the world's sixth-largest consumer market.^[55] Apart from private consumption, India's GDP is also fueled by government spending, investment, and exports.^[56] In 2019, India was the world's ninth-largest importer and the twelfth-largest exporter.^[57] India has been a member of World Trade Organization since 1 January 1995.^[58] It ranks 63rd on Ease of doing business index and 68th on Global Competitiveness Report.^[59] With 500 million workers, the Indian labour force is the world's second-largest as of 2019. India has one of the world's highest number of billionaires and extreme income inequality.^[60][61] Since India has a vast informal economy, barely 2% of Indians pay income taxes.^[62] During the 2008 global financial crisis the economy faced mild slowdown, India undertook stimulus measures (both fiscal and monetary) to boost growth and generate demand; in subsequent years economic growth revived.^[63] According to 2017 PricewaterhouseCoopers (PwC) report, India's GDP at purchasing power parity could overtake that of the United States by 2050.^[64] According to World Bank, to achieve sustainable economic development India must focus on public sector reform, infrastructure, agricultural and rural development, removal of land and labour regulations, financial inclusion, spur private investment and exports, education and public health.^[65]
In 2020, India's ten largest trading partners were USA, China, UAE, Saudi Arabia, Switzerland, Germany, Hong Kong, Indonesia, South Korea and Malaysia.^[66] In 2019–20, the foreign direct investment (FDI) in India was $74.4 billion with service sector, computer, and telecom industry remains leading sectors for FDI inflows.^[67] India has free trade agreements with several nations, including ASEAN, SAFTA, Mercosur, South Korea, Japan and few others which are in effect or under negotiating stage.^[68][69] The service sector makes up 50% of GDP and remains the fastest growing sector, while the industrial sector and the agricultural sector employs a majority of the labor force.^[70] The Bombay Stock Exchange and National Stock Exchange are one of the world's largest stock exchanges by market capitalization.^[71] India is the world's sixth-largest manufacturer, representing 3% of global manufacturing output and employs over 57 million people.^[72][73] Nearly 66% of India's population is rural,^[74] and contributes about 50% of India's GDP.^[75] It has the world's fifth-largest foreign-exchange reserves worth $585 billion.^[41] India has a high public debt with 89% of GDP, while its fiscal deficit stood at 9.5% of GDP.^[34][35] India's government-owned banks faced mounting bad debt, resulting in low credit growth,^[10] simultaneously the NBFC sector has been engulfed in a liquidity crisis.^[76] India faces moderate unemployment, rising income inequality, and drop in aggregate demand.^[77][78] India's gross domestic savings rate stood at 30.1% of GDP in FY 2019.^[79] In recent years, independent economists and financial institutions have accused the government of fudging various economic data, especially GDP growth.^[80][81]
India is the worlds largest manufacturer of generic drugs, and its pharmaceutical sector fulfills over 50% of the global demand for vaccines.^[82] The Indian IT industry is a major exporter of IT services with $191 billion in revenue and employs over four million people.^[83] India’s chemical industry is extremely diversified and estimated at $178 billion.^[84] The tourism industry contributes about 9.2% of India's GDP and employs over 42 million.^[85] India ranks second globally in food and agricultural production, while agricultural exports were $35.09 billion.^[75][86] The construction and real estate sector ranks third among the 14 major sectors in terms of direct, indirect and induced effects in all sectors of the economy.^[87] The Indian textiles industry is estimated at $100 billion and contributes 13% of industrial output and 2.3% of India's GDP while employs over 45 million people directly.^[88] India's telecommunication industry is the world's second largest by number of mobile phone, smartphone, and internet users. It is the world's 25th-largest oil producer and the third-largest oil consumer.^[89] The Indian automobile industry is the world's fifth-largest by production.^[90][91] It has $1.1 trillion worth of retail market which contributes over 10% of India's GDP and has one of world's fastest growing e-commerce markets.^[92] India has the world's fourth-largest natural resources, with mining sector contributes 11% of the country's industrial GDP and 2.5% of total GDP.^[93] It is also the world's second-largest coal producer, the second-largest cement producer, the second-largest steel producer, and the third-largest electricity producer.^[94][95]
For a continuous duration of nearly 1700 years from the year 1 AD, India was the top most economy constituting 35 to 40% of world GDP.^[98] The combination of protectionist, import-substitution, Fabian socialism, and social democratic-inspired policies governed India for sometime after the end of British rule. The economy was then characterised as Dirigism,^[99][46] It had extensive regulation, protectionism, public ownership of large monopolies, pervasive corruption and slow growth.^{[47][48][100]} Since 1991, continuing economic liberalisation has moved the country towards a market-based economy.^[47][48] By 2008, India had established itself as one of the world's faster-growing economies.