Military Expenditure Report: SIPRI

 ~Preet.

Global nuclear arsenals grow as states continue to modernize–New SIPRI Yearbook out now | SIPRI

Despite the economic repercussions from the epidemic, global military expenditure increased in 2021, hitting an all-time high of USD 2.1 trillion, according to the most recent figures from the Stockholm International Peace Research Institute (SIPRI). As a consequence of a strong economic rebound in 2021, the worldwide military burden—global military spending as a proportion of global GDP—will fall by 0.1 percentage point, from 2.3 percent in 2020 to 2.2 percent in 2021. SIPRI is an independent international institute committed to conflict, weaponry, arms control, and disarmament research. It was founded in Stockholm in 1966 (Sweden).

The top five spenders in 2021 will be the United States, China, India, the United Kingdom, and Russia. They contributed for 62 percent of total expenditure, with the United States and China accounting for the remaining 52 percent. In 2021, military spending in Asia and Oceania will equal USD586 billion. Spending in the region was 3.5 percent greater than in 2020, following an increasing trend that began in 1989. The rise in 2021 was mostly due to increased military spending in China and India. In 2021, the two nations accounted for 63 percent of overall military spending in the area. Russia raised its military spending by 2.9 percent in 2021, to USD65.9 billion, as it bolstered its soldiers near the Ukrainian border. In 2021, eight European North Atlantic Treaty Organization (NATO) states met the Alliance's aim of spending 2% or more of GDP on defence. This is one fewer than in 2020, although it is an increase from two in 2014.

India's military budget was the third largest in the world, at USD76.6 billion. This was a 0.9 percent increase from 2020 and a 33 percent increase from 2012. In the face of persistent tensions and border disputes with China and Pakistan, which periodically escalate into violent conflicts, India has emphasised the modernisation of its armed forces and self-sufficiency in arms manufacture. In an effort to develop the indigenous weapons sector, 64 percent of capital expenditures in the Indian military budget for 2021 were designated for procurement of locally made guns.



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