Military: Countries that spend more on military.. where is India? What does the SIPRI report say?

Military Spender: The Stockholm international Peace Research Institute (SIPRI) in a report released on monday has published a list of countries that spend the most money on the military globally.India is 4th largest military spender in the world says latest sipri report. According to a report published by the Stockholm international Peace Research Institute (Sipri), india will be the fourth largest military spender in the world by 2023, after the US, china, and russia at $83.6 billion. The list has remained the same for the past few years.

Similarly, the report on global military expenditure said that India's expenditure was 4.2% higher than the previous year. After the Ladakh conflict that began in May 2020, india has been focusing on developing its defense capabilities and strengthening military infrastructure to strengthen capabilities and other combat systems.

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 In this regard, it is noteworthy that as per the last year's SIPRI report, india was the fourth largest country in spending on its military in 2022 as well. And India's military spending in 2022 was $81.4 billion, up 6% from 2021 and 47% from 2013. According to SIPRI data released yesterday, china, the world's second-largest military spender, will allocate about $296 billion to its military in 2023, up 6% from the previous year. "Many of China's neighbors have linked their spending increases to China's military spending," the report said. Notably, in 2022, China's military spending will reach $292 billion. The latest report comes at a time when india and china have been at loggerheads over the Line of Actual Control in eastern Ladakh since May 2000, and talks are underway to ease border tensions. Both sides held 21 rounds of military talks to resolve outstanding issues.

It may be recalled that on february 1, india allocated Rs 6.21 lakh crore for defense expenditure in the interim budget for 2024-25. The allocation is slightly lower than last year's revised estimate (0.37%) and 4.72% higher than the 2023-24 budget estimate. This year's defense budget is 1.89% of the country's Gross Domestic Product (GDP) for 2024-25. The budget includes revenue expenditure of Rs 2.82 lakh crore, capital expenditure of Rs 1.72 lakh crore, and pension expenditure of Rs 1.41 lakh crore. capital expenditure on the modernization of armed forces is 9.39% higher than last year's revised estimate and 5.78% higher than the budget estimates for 2023-24. A new SIPRI report projects that total global military spending will reach $2443 billion in 2023, an increase of 6.8% from 2022. "This is the steepest year-on-year increase since 2009," it said, adding that the military spending surge comes amid rising tensions and global insecurity and war.