The Stockholm International Peace Research Institute (SIPRI), which monitors developments in military expenditure worldwide, on Monday (April 25, 2022) said that the world military expenditure reached an all-time high in 2021 and that India was among the top three largest spenders.
In a statement, SIPRI said that the total global military expenditure increased by 0.7 per cent in real terms in 2021, to reach USD 2113 billion.
“The five largest spenders in 2021 were the United States, China, India, the United Kingdom, and Russia, together accounting for 62 per cent of expenditure,” the statement read.
“India’s military spending of $76.6 billion ranked third highest in the world. This was up by 0.9 per cent from 2020 and by 33 per cent from 2012,” it added.
In a push to strengthen India’s indigenous arms industry, 64 per cent of capital outlays in the military budget of 2021 were earmarked for acquisitions of domestically produced arms, the report claimed. The news comes amid the Narendra Modi-led government’s continuous push for an ‘Atmanirbhar Bharat’ (self-reliant India).
Military expenditure, notably, refers to all government spending on current military forces and activities, including salaries and benefits, operational expenses, arms and equipment purchases, military construction, research and development, and central administration, command, and support.