WORLD MILITARY EXPENDITURE

April 29, 2022

Total global military expenditure increased by 0.7 per cent in real terms in 2021, to reach $2113 billion, according to new data on global military spending published today by the Stockholm International Peace Research Institute (SIPRI).

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The five largest spenders in 2021 were the United States, China, India, the United Kingdom and Russia, together accounting for 62 per cent of expenditure
Even amid the economic fallout of the Covid-19 pandemic, world military spending hit record levels.
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.
The USA and China alone accounted for 52 per cent. China, the world's second largest spender, allocated an estimated USD 293 billion to its military in 2021, an increase of 4.7 per cent from 2020 and 72 per cent from 2012.

Source : Business Standard