The Indian National EUROSCI Network Centre as been created to better serve the needs of Indian students and scholars. India is the seventh-largest country by area, and the second-most populous country in the world, with over 1.2 billion people. In 2015, the Indian economy was the world's seventh largest by nominal GDP. Following market-based economic reforms in 1991, India became one of the fastest-growing major economies and is considered a newly industrialised country. However, it continues to face the challenges of poverty. A nuclear weapons state and regional power, it has the third largest standing army in the world and ranks fifth in military expenditure among nations.