SIPRI Releases the ‘Trends in World Military Expenditure, 2019’ Report
The SIPRI released the ‘Trends in World Military Expenditure, 2019’ and ranked India as the 3rd largest military spender in the world.
Highlights of the Report
The report showed that the global military expenditure has increased to 1,917 billion USD in 2019. USA was reported to be the largest military spender. It is followed by China and India- first time these Asian countries are featuring in the top 3. Russia and Saudi Arabia are the other 2 major spenders. In the Asian region, Japan and South Korea are also key military spenders.
Highlights About India
Military expenditure by India in 2019, at 71.1 billion USD, was 6.8% higher than in 2018. In 2018, India was the 4th largest spender. Currently, the defence spending accounts for 2.4% of GDP. Though the military spending has increased by 37% over the last decade, the military burden dropped from 2.7% of GDP in 2010. Spending on pensions constitutes a significant part. The defence allocation in the 2020-21 budget (excluding pensions) accounts for 1.5% of GDP- lowest in current times.
SIPRI or Stockholm International Peace Research Institute is an international think tank based in Sweden. It is involved in research about arms control, disarmament and conflicts. It cooperates closely with organizations like UN and the EU. It is one of the top think tanks in the world.