INDEX / REPORTS
Recently, Stockholm International Peace Research Institute (SIPRI) released a report on the world’s military expenditure.
According to the report, the world military expenditure in 2021 reached $2113 trillion, which is 0.7% higher than in 2020 and 12% higher than in 2012. This is the first time, the world’s military expenditure was crossed the two trillion US dollar mark.
Since 2015, the world military expenditure has seen an upward trend for the seventh consecutive year. Even the Covid-19 pandemic and lockdowns didn’t affect this trend. Average military spending as a share of government expenditure in 2021 remained the same as in 2020, at 5.9%.
The five largest spenders in 2021 were the United States ($801 billion), China ($293 billion), India ($76.6 billion), the United Kingdom ($68 billion) and Russia ($66 billion). These five countries constituted 62% of the world’s expenditure.
With $77 billion, India became the third largest military expenditure country in the world. India’s spending was up by 0.9% from 2020 and by 33% from 2012. India’s Rs 5.2 lakh crore defence budget for 2022-2023, for instance, includes the huge Rs 1.2 lakh crore pension bill for the over 33 lakh retired military and defence civilians.
The US and China accounted for 38% and 14% of the global military spending respectively. China’s military expenditure has grown for the 27th consecutive year.
In 2021 Iran’s military budget increased for the first time in four years.
As per the Stockholm International Peace Research Institute (SIPRI) report on Military expenditure of the world countries;