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The economy expanded in the 17th century in the Mughal Empire.In 2017, the Indian economy was the world's sixth 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. 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.It is bounded by the Indian Ocean on the south, the Arabian Sea on the southwest, and the Bay of Bengal on the southeast.