World Military Expenditure Exceeds $2 Trillion, India Among Top Three Spenders: Report
The US emerged as the top spenders with $801 billion military spending in 2021 while China stood second with a spending of $293 billion on defence
New Delhi: The global military expenditure has touched an all-time high of $2.1 trillion in FY22, and India remains among the top three spenders. A report published by the Stockholm International Peace Research Institute (SIPRI) said the total global military expenditure increased by 0.7 per cent in real terms in 2021, according to a press release by the institute.
Who are the largest spenders in 2021?
The five-largest spenders in 2021 include the US, China, India, the UK, and Russia, together accounting for 62 per cent of the expenditure.
India emerged as the world’s third-highest spender with military spending to the tune of $76.6 billion. This was up by 0.9 per cent from 2020 and by 33 per cent from 2012.
On the other hand, the US and China are the top two biggest spenders. US military spending reached $801 billion in 2021, a drop of 1.4 per cent from 2020, the release said. 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, according to the statement.
China stood second with a spending of $293 billion on defence, an increase of 4.7 per cent compared with 2020. China’s military spending has grown for 27 consecutive years. The 2021 Chinese budget was the first under the 14th Five-Year Plan, which runs until 2025.
The UK spent $ 68.4 billion on defence last year, up by 3 per cent from 2020, the statement read. Meanwhile, Russia took the fifth slot with the highest defence spending.
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