India’s Military Expenditure 3rd Highest In The World

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India’s Military Expenditure according to SIPRI A report by the Stockholm International Peace Research Institute on World Military Expenditure stated that India was the world’s third-highest military spender behind the US and China. The defence expenditure in 2021 reached an all-time high and stood at USD 2.1 trillion.

India’s Expenditure on Military

According to report by SIPRI it is stated that India’s military spending of $76.6 billion ranked third highest in the world. This was up by 0.9% from 2020 and by 33% from 2012. Amid ongoing tensions and border disputes with China and Pakistan that occasionally spill over into armed clashes, India has prioritized the modernization of its armed forces and self-reliance in arms production,” the report said. In a drive to strengthen the indigenous arms industry, 64% of capital outlays in the 2021 Indian military budget were earmarked for acquisitions of domestically produced arms, it noted.

World Expenditure on Military

World military spending continued to grow in 2021, reaching an all-time high of $2.1 trillion despite the economic fallout of the pandemic, according to new data on global military spending published by the Stockholm International Peace Research Institute (SIPRI). The five largest spenders in 2021 were the U.S, China, India, the U.K and Russia, together accounting for 62% of expenditure and the U.S. and China alone accounted for 52%.