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Mahesh

27/04/23 06:43 AM IST

India’s military spending at $76.6 bn 3rd highest in the world: SIPRI report

In News
  • India’s military spending of $81.4 billion was the fourth highest in the world in 2022 and saw a jump of 6% from the previous year.
World Expenditure
  • The institute flagged that the global military expenditure increased by 0.7 per cent in real terms in 2021 to reach $2,113 trillion.
  • The US, China, India, UK and Russia were the top spenders last year, accounting for 62 per cent of the global expenditure.
  • Military spending increased for the seventh consecutive year.
  • Global military expenditure as a share of world gross domestic product (GDP) fell by 0.1 percentage points from 2.3 per cent in 2020 to 2.2 per cent in 2021.
  • US’ spend of $801 billion was a drop of 1.4 per cent from 2020. Its expenditure decreased from 3.7 per cent of GDP to 3.5 per cent of GDP last year.
  • China’s $293 billion expenditure was an increase of 4.7 per cent compared with 2020, amounting to an increase for 27 consecutive years.
  • The country spent $68.4 billion in 2021, up 3 per cent from 2020.
  • Russia increased its military expenditure by 2.9 per cent in 2021, to $65.9 billion, marking the third consecutive year of growth.
  • Iran’s military budget increased for the first time in four years to $24.6 billion.
  • The country was the fifth largest spender in the Middle East with military spend of $11.6 billion, an increase of 434 per cent from 2010
India's Expenditure
  • India’s military expenditure in 2022 amounted to $81.4 billion, which is the fourth-highest in the world.
  • This represents a 6% increase compared to the previous year’s spending.
Source- Live mint

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