According to the Sweden-based think-tank Stockholm International Peace Research Institute (SIPRI) report, titled “Trends in World Military Expenditure Report 2021”, India’s military expenditure is the third highest in the world behind the US and China. Military spending in India is amounting to $76.6 billion in 2021 which grew by 0.9% from 2020. Russia has also increased its military expenditure for the third consecutive year.
The report’s data is based upon the updated SIPRI Military Expenditure Database, which provides military spending data by country for the years 1949–2021. The five largest spenders in 2021 were the US, China, India, the UK (United Kingdom) and Russia, together accounting for 62% of expenditure.