India has retained its position as the third biggest military spender in the world in 2020, according to new data titled ‘SIPRI Military Expenditure Database’ published by the Stockholm International Peace Research Institute (SIPRI) on April 26, 2021.
Top 5 nations
- As per the new report, the top five biggest spenders in 2020 were the United States ($778 billion), China ($252 billion), India ($72.9 billion), Russia ($61.7 billion) and the United Kingdom ($59.2 billion) respectively.
- These five nations together accounted for 62 per cent of global military expenditure.
Globally, the military spending in 2020 rose to $1981 billion. This value is an increase of 2.6 per cent in real terms as compared to 2019.