As per SIPRI data, the top five military spenders are the United States, China, India, the United Kingdom, and Russia, which accounted for 62 per cent of worldwide military spending.
Digital Desk: Despite the coronavirus pandemic, India remained the World's third-largest military spender, after the United States and China, with worldwide defence spending reaching an all-time high of $2.1 trillion in 2021, according to the Stockholm International Peace Research Institute (SIPRI).
As per SIPRI data, the top five military spenders are the United States, China, India, the United Kingdom, and Russia, which accounted for 62 per cent of worldwide military spending.
SIPRI stated that India's military spending increased by 0.9% from 2020 to $76.6 billion in 2021 and by 33% from 2012. As per the report, "India has prioritized the modernization of its armed forces and self-reliance in weaponry manufacture amid persistent tensions and border conflicts with China and Pakistan that occasionally spill over into armed engagements."
Even though the UK climbed up two rankings, spending $68.4 billion in 2021, the US-dominated for 38% of global military spending and China for roughly 14%. According to the study, China's military spending has increased for the 27th year in a row. "China's growing assertiveness in and around the South and East China seas has become a major driver of military spending in nations such as Australia and Japan," said Senior Researcher Dr Nan Tian in a statement provided by SIPRI.
In a similar way, Russia's military spending increased for the third year in a row. Despite a drop in military expenditures between 2016 and 2019 due to Western sanctions in response to Russia's invasion of Crimea, the researchers observed that high oil and gas profits encouraged Moscow to increase spending in 2021. Military spending in Ukraine declined to $5.9 billion in 2021, yet it still accounted for 3.2 per cent of GDP.
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