Highest military spending in the world

In 2021, the United States, China, India, the United Kingdom, and Russia had the largest military budgets. 62% of all money spent goes to these countries.

Spending on the military: In 2021, the global military budget hit a new all-time high of $2.1 trillion, which is a 0.7% increase in real terms. India spent the third most on its military, after the United States and China.

India’s military budget will be $76.6 billion in 2021, which is 33% more than in 2012 and 0.9% more than in 2020.

India’s military budget has gone up because of ongoing tensions and border disputes with China and Pakistan, which sometimes lead to armed conflict. The modernization of India’s military and its ability to make its own weapons have also been put at the top of the list.

India’s 2021 defence budget set aside 64% of capital spending for buying weapons made in India. This was done to help the country’s domestic arms industry. This item is based on a story from The Hindu on April 26, 2022, called “India is the world’s third-highest military spender, according to a report.”

Stockholm, Sweden, April 25 (ANI): The Stockholm International Peace Research Institute (SIPRI) says that in 2021, the world’s military spending will reach a new high of USD 2.1 trillion. The United States, China, and India will be the top three spenders.

“In real terms, the world’s total military spending will rise by 0.7% to USD 2,113 billion in 2021. In 2021, the five countries that will spend the most will be the United States, China, India, the United Kingdom, and Russia, according to a statement from the Stockholm-based organisation. Together, these five countries will spend 62% of all money spent.

Even though the Covid-19 outbreak had an effect on the economy, Dr. Diego Lopes da Silva, Senior Researcher at SIPRI’s Military Expenditure and Arms Production Programme, says that the world spent more on the military than ever before.

The rate of growth in real terms has slowed because of inflation. On the other hand, the military budget grew by 6.1% in real terms.

As the world economy got better after the COVID-19 pandemic, defence spending went up from 2.2% of global GDP in 2010 to 2.3% in 2020.

In 2021, the US will spend USD 801 billion on its military, which is 1.4% less than in 2020. The statement says that between 2012 and 2021, the US spent 24% more on research and development for the military, but only 6.4% less on buying arms.

China came in second, spending USD 293 billion on defence, which is a 4.7% increase from 2020. India spent USD 76.6 billion on its military in 2018, which was 0.9% more than the year before. This put India in third place for military spending.

The Stockholm-based organisation said that India’s military spending of USD 76.6 billion put it in third place in the world. This is 0.9% more than in 2020 and 33% more than in 2012. In order to help the domestic arms industry, 64% of the capital spending in the military budget for 2021 was set aside for buying weapons made in the country.