World military expenditure surpasses $2tn; India among top-3 spenders
PremiumThe global military expenditure has reached an all-time high of $2.1 trillion in FY22, and India is among the top-3 spenders
The global military expenditure has reached an all-time high of $2.1 trillion in FY22, and India is among the top-3 spenders, the Stockholm International Peace Research Institute (SIPRI) said.
The report said that the total global military expenditure increased by 0.7% in real terms in 2021. It said that the five-largest spenders in 2021 were the US, China, India, the UK, and Russia, together accounting for 62% of the expenditure.
According to the Stockholm-based institute, 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.
On the other hand, US and China are top-2 biggest spenders. US military spending reached $801 billion in 2021, a drop of 1.4% from 2020, the statement said. In the period from 2012 to 2021, the US increased funding for military research and development by 24% and reduced spending on arms purchases by 6.4%, according to the statement. Second place went to China, which spent $293 billion on defence, an increase of 4.7% compared with 2020.
The UK spent $ 68.4 billion on defence last year, up by 3% from 2020, the statement read. Meanwhile, Russia took the fifth slot with the highest defence spending.