Defence

India replaces Russia as third biggest military spender, says SIPRI

India has now become the third largest military spender in the world, behind the United States and China, according to data released by global think-tank Stockholm International Peace Research Institute (SIPRI).

India’s military expenditure stood at $71.1 billion in 2019, a 6.8 per cent increase compared with 2018, as per SIPRI’s annual report data released on Monday.

“India’s tensions and rivalry with both Pakistan and China are among the major drivers for its increased military spending,” says Siemon T. Wezeman, SIPRI Senior Researcher.

In the Union Budget 2020-21, Finance Minister Nirmala Sitharaman allotted Rs 4,71,378 crore ($ 66.9 billion) for the Ministry of Defence (MoD), which is equivalent to 15.49 per cent of the total central government expenditure.

Meanwhile, total global military expenditure rose by 3.6 per cent to $1.917 trillion in 2019, which was the largest annual growth in spending since 2010. The world’s military spending in 2019 was equivalent to 2.2 per cent of the global gross domestic product (GDP), which equates to approximately $249 per person. “Global military expenditure was 7.2 per cent higher in 2019 than it was in 2010, showing a trend that military spending growth has accelerated in recent years,” says Dr Nan Tian, SIPRI Researcher.

The five largest spenders in 2019, which accounted for 62 per cent of expenditure, were the United States, China, India, Russia and Saudi Arabia. This was the first time that two Asian states had featured among the top three military spenders, the report said.

In 2019, China was the second largest military spender in the world, with its expenditure reaching $261 billion in 2019, a 5.1 per cent increase compared with 2018.

Facebook Comments

Source
business today
Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close