Military expenditure report by SIPRI

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Key higlights of the report-

• World military spending continued to grow in 2021, reaching an all-time high of $2.1 trillion despite the economic fallout of the pandemic.
• There was a slowdown in the rate of real-terms growth due to inflation. In nominal terms, however, military spending grew by 6.1%.’
• As a result of a sharp economic recovery in 2021, the world military expenditure as a share of the world gross domestic product (GDP), fell by 0.1 percentage points, from 2.3% in 2020 to 2.2% in 2021.
• According to data published by SIPRI, the top five military spenders—the United States, China, India, the United Kingdom, and Russia—accounted for 62 per cent of the global military expenditure.
• The report noted that China’s military expenditure has grown for the 27th consecutive year.
• Similarly, Russia also saw an increase in its military expenditure for the third consecutive year.
• Stating that military spending in Asia and Oceania totalled $586 billion in 2021.
• The increase in 2021 was due primarily to growth in Chinese and Indian military spending. Together, the two countries accounted for 63% of total military expenditure in the region in 2021.

India’s military expenditure-

• India was the third-highest military spender in the world behind the US, amounting to $76.6 billion in 2021, grew by 0.9 per cent from 2020 and by 33 per cent from 2012.
• It also says that in a drive to strengthen the indigenous arms industry, 64% of capital outlays in the 2021 Indian military budget were earmarked for acquisitions of domestically produced arm

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