India’s military spending third biggest in the world, at $76.6 billion dollars
26 April, 2022 | Riya Girdhar
According to the research by SIPRI, India's military budget increased by 0.9 percent in 2020 and by 33% in 2012.
According to a research by the Stockholm International Peace Research Institute, India spent $76.6 billion on military spending in 2021, third highest in the world after the United States ($801 billion) and China ($293 billion) (SIPRI).
According to the research, India’s military budget increased by 0.9 percent in 2020 and by 33% in 2012. According to SIPRI, 64% of capital outlays in the military budget for 2021 were set aside for acquisitions of domestically produced arms in an effort to strengthen the domestic arms industry.
According to the IHS, global military spending climbed by 0.7% in real terms in 2021, reaching $2,113 trillion. Last year, the United States, China, India, the United Kingdom, and Russia were the leading spenders, accounting for 62% of global spending. Military spending has risen for the sixth year in a row.
“Even with the economic impact of the Covid-19 outbreak, world military spending touched record levels,” stated Dr Diego Lopes da Silva, Senior Researcher with SIPRI’s Military Expenditure and Arms Production Programme. Because of inflation, the rate of real-terms growth has slowed. Military spending, on the other hand, increased by 6.1 percent in nominal terms.”
Military spending as a percentage of global GDP declined from 2.3 percent in 2020 to 2.2 percent in 2021, a 0.1 percentage point decrease.