India Comes In The Top 3 Military Spenders Of The World
Should we feel surprised that the world’s second largest economy is actually the third highest military spender in the world? Maybe not! The Stockholm International Peace Research Institute (SIPRI) has determined that India, indeed has been seen as the third highest military spender after the US and China in 2021.
The report also states that the five largest military spenders in 2021 were the United States, China, India, the United Kingdom and Russia, together accounting for 62 per cent of expenditure.
The country’s military spending was reported to be $76.6 billion brining it to the rank of third highest in the world. This was up by 0.9 per cent from 2020 and by 33 per cent from 2012. However, it is worth noting that the country has been focused at strengthening its indigenous arms industry with 64 percent of its capital outlays in the military budget of 2021 earmarked for acquisitions of domestically produced arms.
The top spot was taken by the United States, with its spending reaching a whooping $801 billion in 2021. This figure is however a drop of 1.4 percent from 2020, the report has stated. In the period from 2012 to 2021, the US increased funding for military research and development by 24 per cent and reduced spending on arms purchases by 6.4 per cent, according to the statement.
The country that has been the epicenter of the Corona virus saw a lot of industry winding up from its premises. But even then, it has dominated the second position in military spending in the world. It is said to have spent USD 293 billion on defence, an increase of 4.7 per cent compared with 2020.
It has been no less in any terms really, but post the Brexit, the UK spent $ 68.4 billion on defence last year, up by three per cent from 2020.
The monster on the lose comes on the fifth position, but it has used all its military power in Ukraine, despite being sanctioned from the West for its humanitarian disaster it has created in Europe, after decades of healing from scars of the First and Second World War. Russia increased its military expenditure by 2.9 per cent in 2021, to USD 65.9 billion. This was the third consecutive year for its growth in military spendings.
India has been spending a lot more to strengthen its own indigenous industry