On Monday, April 25, the Stockholm International Peace Research Institute (SIPRI) released a report stating that the world military expenditure in 2021 was recorded at an all-time high of $2.1 trillion.
The United States, China & India were the top 3 largest spenders in 2021. “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,” said SIPRI in a statement.
The US spend $801 billion in 2021 ranking 1st in the world’s largest military spender list. Followed by China with $293 billion spent on the military. India secured 3rd position with military spending of $76.6 billion. The ‘Make in India’ initiative has increased the use of indigenous technologies in the defence sector.
The Russia-Ukraine war & the growth in the economy as the COVID-19 pandemic eases are considered to be the reasons for a global rise in military expenditure.