What is the News? Stockholm International Peace Research Institute(SIPRI) released a report titled “Trends in World Military Expenditure Report, 2020”. The report provides data related to the military expenditure by countries in 2020.
Note: SIPRI is an independent international institute established in 1966 in Stockholm, Sweden. Its functions are to research into conflict, armaments, arms control, and disarmament.
Key Findings Related to India:
- Firstly, India was the 3rd largest military spender in the world in 2020 behind only the US and China.
- Secondly, India’s military expenditure was $72.9 billion in 2020. This is an increase of 2.1% since the year 2019.
- Thirdly, India’s military spending is 2.9% of its Gross Domestic Product(GDP).
- Fourthly, India accounted for 3.7% of the money spent on the military globally.
Other Key Findings:
- World military expenditure was $1981 billion in 2020. It is an increase of 2.6% compared to 2019.
- The increase in military spending came in a year when the global GDP shrank by 4.4% largely due to the economic impacts of the Covid-19 pandemic.
- Total military spending accounted for 2.4% of global gross domestic product (GDP) in 2020.
- The five biggest spenders in 2020 were the United States, China, India, Russia, and the United Kingdom. These countries together accounted for 62% of world military spending.
- The United States accounted for 39% of the money spent on the military globally. It spent $778 billion on the military in 2020 representing an increase of 4.4% over 2019.
- Whereas, China accounted for 13% of the money spent on the military globally with $252 billion on the military in 2020, representing an increase of 1.9% over 2019.
- Likewise, the other top military spenders include Russia with $61.7 billion, the UK at $59.2 billion, Saudi Arabia at $57.5 billion, followed by Germany and France at just under $53 billion each.
- From 2011 to 2020, US military expenditure dropped by 10%. But China saw a 76% growth while India’s military spending grew by 34%.
Source: Indian Express