In the annual report on military spending around the world, India ranks third in the world in terms of spending money after the United States and China.Lots of powerful European countries like England, France, Germany all behind India in the list.
The five largest military spending countries by 2021 were the United States, China, India, the United Kingdom and Russia, with a total cost of 62 percent.Global military spending reached $ 2.1 trillion by 2021, the Stockholm International Peace Research Institute (SIPRI) said on Monday, adding that the top three spenders were the United States, China and India.
“Total military spending worldwide has risen 0.7 percent respectively by 2021, reaching USD 2113 billion. The five largest spenders by 2021 were the United States, China, India, United Kingdom and Russia, with an estimated 62%. Costs, “Stockholm said in a statement.
“Even in spite of the economic downturn in the Covid-19 epidemic, global military spending has reached new heights,” said Dr. Diego Lopes da Silva, SIPRI’s Chief Cost Military and Manufacturing Program Product Researcher. “There has been a decline in real growth rates due to inflation. However, in terms of name, military spending has grown by 6.1 percent.”
As a result of the economic recovery in the COVID-19 epidemic, defense spending reached 2.2 percent of global GDP, and by 2020 this figure reached 2.3 percent.
U.S. military spending USD 801 billion
U.S. military spending reached USD 801 billion by 2021, down 1.4 percent from 2020, the statement said. In the period from 2012 to 2021, the US increased funding for military research and development by 24 percent and reduced spending on arms purchases by 6.4 percent, according to the statement.
China stand in second place
Second place went to China, which spent USD 293 billion on defense, an increase of 4.7 percent compared to 2020. India’s military spending is ranked third with USD 76.6 billion last year, an increase of 0.9 percent compared to 2020.
India ranks thirdon military spending
According to the Stockholm-based institute, India’s military spending of USD 76.6 billion is ranked third in the world. This is an increase of 0.9 percent from 2020 and a 33 percent increase from 2012. In an effort to strengthen the traditional weapons industry, 64 percent of the 2021 military spending budget is set aside for the acquisition of locally produced weapons.
UK spent $ 68.4 billion on defense last year, up 3 percent from 2020, the statement read.Meanwhile, Russia ranks fifth in defense spending.
Russia increased its military spending by 2.9 percent by 2021, to USD 65.9 billion, while building its troops near the Ukrainian border. This is the third consecutive year of growth and Russia’s military spending reached 4.1 percent of GDP by 2021, “the statement said.
By 2021, higher prices are helping Russia increase its military spending, “said Lucie Beraud-Sudreau, Director of the Cyprus Military Expenditure and Arms Production Program, adding that between 2016-2019 Russia’s decline in military spending is due to lower oil and gas prices and sanctions imposed Russia.
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