World military spending continued to grow in 2021, reaching a record $2.1 trillion despite the economic fallout of the pandemic, according to new data on global military spending published by the Stockholm International Peace Research Institute (SIPRI).
GS III- Indian Economy (Issues relating to planning, mobilization of resources)
Dimensions of the Article:
- Top defence spenders in 2021
- India’s defence expenditure
- About SIPRI
Top defence spenders in 2021
- The five largest spenders in 2021 were the U.S., China, India, the U.K. and Russia, together accounting for 62% of expenditure.
- The U.S. and China alone accounted for 52%.
India’s defence expenditure
- India’s military spending of $76.6 billion ranked third highest in the world.
- This was up by 0.9% from 2020 and by 33% from 2012.
- Amid ongoing tensions and border disputes with China and Pakistan that occasionally spill over into armed clashes, India has prioritised the modernisation of its armed forces and self-reliance in arms production, the report said.
- Stockholm International Peace Research Institute (SIPRI) is an independent international think-tank institute dedicated to research into conflict, armaments, arms control and disarmament.
- It was established in 1966 at Stockholm (Sweden).
- It provides data, analysis and recommendations, based on open sources, to policymakers, researchers, media and the interested public.
-Source: The Hindu