The Economy of India is the seventh-largest in the world by nominal GDP and the third-largest by purchasing power parity (PPP). The country is classified as a newly industrialised country, one of the G-20 major economies, a member of BRICS and a developing economy with an average growth rate of approximately 7% over the last two decades. Maharashtra (Marathi:महाराष्ट्र) is the richest Indian state and has an annual GDP of US$220 billion, nearly equal to that of Pakistan or Portugal, and accounts for 12% of the Indian GDP followed by the states of Tamil Nadu and Uttar Pradesh. India's economy became the world's fastest growing major economy from the last quarter of 2014, replacing the People's Republic of China.