Released by: – Stockholm International Peace Research Institute (SIPRI)
The theme of the report: – Military Spending across the Globe
a) Global – According to the Stockholm International Peace Research Institute (SIPRI), global military expenditure has reached a new record high of $2240 billion, increasing by 3.7% in real terms in 2022. Europe witnessed its most substantial year-on-year increase in military spending in at least 30 years. The United States, China, and Russia, which are the three largest military spenders, contributed 56% of the total global military expenditure in 2022. These findings were released by SIPRI in its latest report on global military spending.
b) India specific – India’s military expenditure in 2022 amounted to $81.4 billion, which is the fourth-highest in the world. This represents a 6% increase compared to the previous year’s spending.
Highlights of Report: –
1) Top 5 ranks:-
- United States
- Saudi Arabia
Parameters of ranking: – Budgetary spending on Defence
India’s rank: – 4th
India’s rank in the previous year:- 3rd due to substantial increases in Russian spending.
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