India is a nuclear-weapon state, having conducted its first nuclear test in 1974, followed by another five tests in 1998. From the 1950s to the 1980s, India followed socialist-inspired policies. The economy was influenced by extensive regulation, protectionism and public ownership, leading to pervasive corruption and slow economic growth. Beginning in 1991, neoliberal economic reforms have transformed India into the third largest and one of the fastest-growing economies in the world. From being a relatively destitute country in its formative years, Indian Republic has emerged as a fast growing G20 major economy with high military spending, and is seeking a permanent seat in the United Nations Security Council.