India is a country in South Asia. It is the seventh-largest country by area, the second-most populous country (with over 1.2 billion people), and the most populous democracy in the world. In 2019, the Indian economy was the world's fifth largest by nominal GDP and third largest by purchasing power parity. Following market-based economic reforms in 1991, India became one of the fastest-growing major economies and is considered a newly industrialised country. For further information on the types of business entities in this country and their abbreviations, see: "Business entities in India".