The Stockholm International Peace Research Institute (SIPRI), | Military Choice

The Stockholm International Peace Research Institute (SIPRI), which monitors developments in military expenditure worldwide, said that the total global military expenditure increased by 0.7 per cent in real terms in 2021 to reach an all-time high and that India was the third largest spender. Best Book for Current Affairs & General Knowledge Preparation #CAbyMilitaryChoice

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.

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.

India's 64 percent of capital outlays in the military budget of 2021 were earmarked for acquisitions of domestically produced arms.

The US funding for military research and development (R&D) rose by 24 per cent between 2012 and 2021, while arms procurement funding fell by 6.4 per cent over the same period.

China, the world’s second-largest spender, allocated an estimated $293 billion to its military in 2021, an increase of 4.7 per cent compared with 2020. Its military spending has grown for 27 consecutive years.

Russia's military expenditure by 2.9 per cent in 2021, to $65.9 billion, This, notably, was the third consecutive year of growth and Russia’s military spending reached 4.1 per cent of GDP in 2021.

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