India has formal diplomatic relations with most nations; it is the world's second most populous country, the world's most-populous democracy and one of the fastest growing major economies. With the world's eighth largest military expenditure, third largest armed force, seventh largest economy by nominal rates and third largest economy in terms of purchasing power parity, India is a regional power, a nascent global power and a potential superpower. India has a growing international influence and a prominent voice in global affairs. India is a newly industrialized country, has a history of collaboration with several countries, is a component of the BRICS & a major part of developing world. India was one of the founding members of several international organizations, most notably the United Nations, the Asian Development Bank, G20 industrial nations and the founder of the Non-aligned movement. India has also played an important and influential role in other international organizations like East Asia Summit, World Trade Organization, International Monetary Fund (IMF),G8+5and IBSA Dialogue Forum. Regionally, India is a part of SAARC and BIMSTEC. India has taken part in several UN peacekeeping missions and in 2007, it was the second-largest troop contributor to the United Nations. India is currently seeking a permanent seat in the UN Security Council, along with the G4 nations.