India is 3rd Highest Military Spender in 2020: SIPRI

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:

1. World military expenditure was $1981 billion in 2020. It is an increase of 2.6% compared to 2019.
   1. 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.
2. Total military spending accounted for 2.4% of global gross domestic product (GDP) in 2020.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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