India's military spending 3rd highest in World at $76.6 billion

The Stockholm International Peace Research Institute (SIPRI) reported on Monday that global military spending reached an all-time high of USD 2.1 trillion in 2021, with the United States, China, and India accounting for the top three spenders.

"Total global military expenditure increased by 0.7 per cent in real terms in 2021, to reach USD 2113 billion. 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," the Stockholm based said in a statement.

"Even amid the economic fallout of the Covid-19 pandemic, world military spending hit record levels," said Dr Diego Lopes da Silva, Senior Researcher with SIPRI's Military Expenditure and Arms Production Programme. "There was a slowdown in the rate of real-terms growth due to inflation. In nominal terms, however, military spending grew by 6.1 per cent."\

As a result of the economic recovery following the COVID-19 epidemic, defence spending reached 2.2 percent of global GDP in 2010, and 2.3 percent in 2020.

According to the announcement, US military spending in 2021 was USD 801 billion, down 1.4 percent from 2020. According to the statement, between 2012 and 2021, the US raised financing for military research and development by 24% while cutting spending on arms procurement by 6.4%.

China came in second, spending USD 293 billion on defense in 2020, up 4.7 percent from the previous year. India's military spending ranked third in the world last year, at USD 76.6 billion, up 0.9 percent from 2020.

"Russia increased its military expenditure by 2.9 per cent in 2021, to USD 65.9 billion, at a time when it was building up its forces along the Ukrainian border. This was the third consecutive year of growth and Russia's military spending reached 4.1 per cent of GDP in 2021," the statement said.

High energy prices aided Russia's military spending increase in 2021, according to Lucie Beraud-Sudreau, Director of SIPRI's Military Expenditure and Arms Production Programme, who also noted that Russia's military spending decreased between 2016 and 2019 due to low oil and gas prices as well as sanctions imposed on Russia.