India is the second most populous country and largest democracy. It has one of the fastest growing economies in the world, with an average annual GDP growth rate of 5.8% over the past two decades. India shares close cultural, economic and strategic relations with several South Asian countries like Indonesia, Singapore, and Thailand. It has free trade agreements with Indonesia and Singapore to boost bilateral trade, which reached USD 10 billion with Indonesia in 2010. Cultural exchange is also prominent between India and its neighbors due to shared religious beliefs and India's historical influence.