Bright Times News: According to figures released by the SIPRI, the top five countries – the United States, China, India, the United Kingdom, and Russia – account for 62 percent of global military spending.
India is the third-largest military spender in the world after the United States and China, with global defense spending reaching $ 2.1 trillion by 2021. On Monday, the Stockholm International Peace Research Institute (SIPRI) said that the record level has been reached despite the coronavirus outbreak.
According to the SIPRI, the top five countries, the United States, China, India, the United Kingdom, and Russia, account for 62 percent of global military spending.
According to the SIPRI, India’s military spending has increased from $ 76.6 billion in 2021 to 0.9 percent in 2020 and 33 percent in 2012. “Given the occasional armed conflict between China and Pakistan over current tensions and border disputes, India has prioritized modernizing its armed forces and becoming self-sufficient in arms production.” That is what this report says.
While the United Kingdom advanced two places, spending $ 68.4 billion on the military in 021, the United States accounted for 38 percent of global military spending and China for about 14 percent. China’s military spending continues to grow for 27 years In a statement issued by SIPRI, senior researcher Dr. Nan Tian said,
“China’s growing strength in the South and the East China Sea and its environs has become a major driver of military spending in countries such as Australia and Japan.” As noted
India’s military budget, at USD 76.6 billion, ranks third in the world, according to the Stockholm-based institution. This was an increase of 0.9% from 2020 and 33% from 2012. 64 percent of capital outlays in the military budget for 2021 were designated for procurement of locally produced armaments, as part of a push to develop the indigenous arms sector.
Similarly, Russia has increased its military spending for the third year in a row. The report notes that despite the decline in military spending between 2016 and 2019 due to sanctions imposed by Western countries in retaliation for Russia’s annexation of Crimea, higher oil and gas revenues helped Moscow to increase its spending in 2021. In Ukraine, military spending will fall to $ 5.9 billion by 2021, but it still accounts for 3.2 percent of GDP.
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