Sign In
Learn bits
World Affairs, Economy, Defence & Security
Mahesh

26/04/22 08:41 AM IST

World military expenditure

In News 
  • World military spending continued to grow in 2021, reaching an all-time high of $2.1 trillion. This was the seventh consecutive year that spending increased.
Findings of the report 
  • The global defence expenditure increased by "0.7 per cent in real terms" in 2021 with an improvement in world economy from the aftermats of the COVID-19 pandemic.
  • There was a slowdown in the rate of real-terms growth due to inflation. In nominal terms, however, military spending grew by 6.1 per cent.
  • US was the largest military spender with its expenditure reaching USD 801 billion in 2021.
  • However, it dropped by 1.4 per cent from 2020, the SIPRI noted in its report.
  • In the period from 2012 to 2021, the US increased funding for military research and development by 24 per cent and reduced spending on arms purchases by 6.4 per cent.
  • China was at the second, spending USD 293 billion on its defence in 2021, an increase of 4.7 per cent compared with 2020.
  • The third place went to India, which spent USD 76.6 billion in 2021, an increase of 0.9 per cent when compared with 2020.
  • The United Kingdom (UK) was at the fourth place with a defence expenditure of USD 68.4 billion last year, a 3 per cent hike when compared with 2020. Meanwhile, Russia took the fifth slot with the highest defence spending.
  • Russia increased its military expenditure by 2.9 per cent in 2021, to USD 65.9 billion, at a time when it was building up its forces along the Ukrainian border. This was the third consecutive year of growth and Russia's military spending reached 4.1 per cent of GDP in 2021.
  • In 2021 Qatar’s military spending was $11.6 billion, making it the fifth largest spender in the Middle East. Qatar’s military spending in 2021 was 434 per cent higher than in 2010, when the country last released spending data before 2021.
Findings about India 
  • India’s military spending of $76.6 billion ranked third highest in the world.
  • This was up by 0.9 per cent from 2020 and by 33 per cent from 2012. In a push to strengthen the indigenous arms industry, 64 per cent of capital outlays in the military budget of 2021 were earmarked for acquisitions of domestically produced arms.

About SIPRI 
  • SIPRI is an independent international institute dedicated to research into conflict, armaments, arms control and disarmament.
  • Established in 1966, SIPRI provides data, analysis and recommendations, based on open sources, to policymakers, researchers, media and the interested public.
  • Based in Stockholm, SIPRI is regularly ranked among the most respected think tanks worldwide.
Source-Indian Express 

More Related Current Affairs View All

20 Aug

How should toll collection practices be reformed?

'The Public Accounts Committee (PAC) of Parliament has proposed major changes to toll collection on national highways, including a recommendation to end the practice of perpetual t

Read More

20 Aug

China plans to connect the restive Xinjiang to Tibet

'Recently, China established the Xinjiang-Xizang Railway Co Ltd, which state media described as a “significant step in the development of one of China’s most advanced t

Read More

20 Aug

Nominations to UT Assemblies

'The Union Home Ministry informed the J&K High Court that the Lieutenant Governor can nominate five members to the Assembly without ministerial advice, reviving the debate on n

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps