Currently, the Indian economy is the world's seventh-largest by nominal GDP and third-largest by purchasing power parity (PPP).[20] Followingmarket-based economic reforms in 1991, India became one of the fastest-growing major economies; it is considered a newly industrialised country. However, it continues to face the challenges of poverty, corruption,malnutrition and inadequate public healthcare. A nuclear weapons stateand a regional power, it has the third-largest standing army in the world and ranks sixth in military expenditureamong nations. India is a federalrepublic governed under aparliamentary system and consists of29 states and 7 union territories. India is a pluralistic, multilingual, and a multi-ethnic society. It is also home to a diversity of wildlife in a variety ofprotected habitats.
