India emerges as the third-highest military spender globally in 2021: Report

The Stockholm International Peace Research Institute (SIPRI) said on Monday that despite the coronavirus pandemic and with the global defence expenditure reaching an all-time high of $2.1 trillion in 2021, India was the third-highest military spender in the world behind the US and China

The top military spenders, according to the data published by SIPRI are the United States, China, India, the United Kingdom, and Russia. The spending on defense accounted for 62 per cent of the global military expenditure.

India’s military spending, amounting to $76.6 billion in 2021, grew by 0.9 per cent from 2020 and by 33 per cent from 2012. “Amid ongoing tensions and border disputes with China and Pakistan that occasionally spill over into armed clashes, India has prioritized the modernization of its armed forces and self-reliance in arms production,” the report stated.

The US accounted for 38 per cent of the global military spending, and China for about 14 per cent, further noting that its military expenditure has grown for the 27th consecutive year. The UK moved up two ranks, spending $68.4 billion in 2021.

Senior Researcher Dr Nan Tian in a statement provided by SIPRI said, “China’s growing assertiveness in and around the South and the East China seas have become a major driver of military spending in countries such as Australia and Japan.”

Similarly, Russia also saw an increase in its military expenditure for the third consecutive year. Despite a decline in military expenditure between 2016 and 2019 due to sanctions imposed by the West in response to Russia’s annexation of Crimea, high oil and gas revenues helped Moscow to boost its spending in 2021, the report noted.

In Ukraine, though military spending fell in 2021 to $5.9 billion, it still accounted for 3.2 per cent of its GDP.