World military spending, India’s $76.6 billion military expenditure ranks third in the world after US & China.
World military spending hits an all-time high of $2.1 trillion in fiscal year 22 and India ranked in the top three in terms of spending. According to a report published by the Stockholm International Peace Research Institute (SIPRI), total world/global military spending increased by 0.7% in real terms in 2021, the institute said in a press release. The U.S. had the largest defence spending in 2021 at $801 billion, followed by China with $293 billion.
“World military spending will grow by 0.7% in real terms in 2021 to reach $2.13 trillion cost,” the Stockholm-based company said in a statement. World military spending is at an all-time high.” “Inflation has slowed real growth, but in nominal terms military spending has risen 6.1%.” With the recovery of the COVID-19 pandemic, defense spending accounted for 2.2% of global GDP from 2.3% in 2020.
Spending of top three are:-
The statement said U.S. military spending in 2021 would reach $801 billion, down 1.4% from 2020. According to the statement, between 2012 and 2021, the US increased military R&D funding by 24% and reduced its arms purchase spending by 6.4%.
In second place was China, which spent $293 billion on defense, an increase of 4.7% compared to 2020. India’s defense spending last year was $76.6 billion, an increase of 0.9% from 2020, ranking third.
According to the Stockholm Institute, India’s defence spending is $76.6 billion, the third-largest in the world. This is an increase of 0.9% from 2020 and 33% from 2012. As part of efforts to strengthen the regional military industry, 64% of the investment in the defence budget in 2021 was invested in securing domestic weapons.
The UK spent $68.4 billion on defense last year, up 3% from 2020.
Meanwhile, Russia ranked fifth in terms of spending the most on defence.
“Russia spent $65.9 billion on military spending in 2021, up 2.9% as it builds up its military along its border with Ukraine. It recorded growth for the third year in a row, and Russia’s defence spending reached 4.1%.
High energy prices in 2021 helped boost Russia’s military spending, said Lucie Beraud-Sudreau, head of the SIPRI’s military spending and arms production program. Russia’s military spending has declined due to low oil and gas prices and sanctions against Russia.
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