According to the Stockholm International Peace Research Institute, the military expenditure of all the countries was USD 2.1 trillion in 2021, with India having the third-highest military spending in the world, only after the US and China.
The top five countries, which included the UK and Russia, together spent 62% of the 2113 billion USD, which was a 0.7% increase from 2020.
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NDTV quoted Dr Diego Lopes da Silva, senior researcher with SIPRI's Military Expenditure and Arms Production Programme, as saying, “Even amid the economic fallout of the Covid-19 pandemic, world military spending hit record levels. There was a slowdown in the rate of real-terms growth due to inflation. In nominal terms, however, military spending grew by 6.1 per cent.”
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While in 2020, the defence expenditure accounted for 2.3% of the global GDP, in 2021, it decreased to 2.2%. The US spent USD 801 billion, 1.4% less than what they spent in 2020. China spent USD 293 billion, 4.7% more than what they spent in 2020. India spent USD 76.6 billion, which was 0.9% more than what it spent in 2020 and 33% more than what it spent in 2012. SIPRI mentioned that 64% of India’s defence budget “was earmarked for acquisitions of domestically produced arms,” reported NDTV.
The fourth-place holder, UK, spent USD 68.4 billion, 3% more than what it spent in 2020. Russia spent USD 65.9 billion, which was 2.9% more than what it spent in 2020.
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