India ranked 3rd on Military spending in World: Report

India ranked 3rd on Military spending in World: Report

World military expenditure has now reached an all-time high of USD 2.1 trillion in 2021. the SIPRI On Monday added that the top three largest spenders were the US, China, and India.

the Stockholm-based said.

"Overall global military expenditure increased by 0.7 percent in real terms in 2021, to reach USD 2113 billion. The world's five biggest military spenders in 2021 were the United States, China, India, the United Kingdom, and Russia, five altogether accounting for 62 percent of expenditure,"

"Due to economic fallout of the Covid-19 pandemic, world military has spending hit record levels," said Dr. Diego Lopes da Silva, Senior Researcher, SIPRI's Military Expenditure and Arms Production Programmes. "There was a delay in the rate of growth due to inflation. In formal terms, however, military spending grew by 6.1 percent."

As a result of economic recovery from the COVID-19 pandemic, defense spending amounted to 2.2 percent of global GDP, while in 2020, this figure reached 2.3 percent.

The statement said that US military spending reached USD 801 billion in 2021, a drop of 1.4 percent from 2020. According to the report, from 2012 to 2021, the US increased funding for military research and development by around 24 percent and reduced spending on arms purchases by 6.4 percent.

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Second place is set by China, which spent USD 293 billion on defense, an increase of 4.7 percent compared with 2020. India's military spending ranked third with around USD 76.6 billion last year, a rise of 0.9 percent compared to 2020.

According to the Stockholm-based institute, India's military spending of USD 76.6 billion ranked third highest globally. This was up by 0.9 percent from 2020 and 33 percent from 2012. In a push to strengthen the local arms industry, 64 percent of capital outlays in the military budget of 2021 were set aside for acquisitions of domestically produced arms.

A Statment read that the UK spent $ 68.4 billion on defense last year, up by three percent from 2020.

At present, Russia has taken the fifth highest position in defense spending.

the statement said.

"Russia had increased its military expenditure by 2.9 percent in 2021, to USD 65.9 billion, when it was building up its forces along the Ukrainian border. This is the third consecutive year of growth, and Russia's military spending reached 4.1 percent of GDP in 2021,"

We added that between 2016-and 2019, Russia experienced a decrease in military spending due to low prices of oil and gas and sanctions imposed on Russia.

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