 "India world's fourth largest defence spender in 2022, says SIPRI report")
India was the world's fourth largest military spender in 2022, with its defence spending increasing by around six percent as compared to 2021, a report by Swedish think tank Stockholm International Peace Research Institute (SIPRI) said.
The military expenditure report said around 23 percent of the total spending by India was towards funding equipment and infrastructure, including that along the China border where tension continues. However, a major part of the spending was on expenditures like salaries and pensions.
With military expenditure of USD 81.4 billion (one billion=100 crore), India's spending was up by six per cent from 2021 and by 47 per cent as compared 2013.
"The increase in India's spending shows the effects of its border tensions with China and Pakistan," the report released on Monday said.
Expenditure on capital outlays, which funds equipment upgrades for the armed forces and to the military infrastructure along its disputed border with China, amounted to 23 per cent of the total military spending in 2022
Personnel expenses like salaries and pensions remained the largest expenditure category in the Indian military budget, accounting for around half of all military spending.
The United States, accounting for 39 per cent of the world military spending in 2022, was the top spender, followed by China (13 per cent), Russia (3.9 per cent), India (3.6 per cent) and Saudi Arabia (3.3 per cent).
Together, these five countries accounted for 63 per cent of total global military spending in 2022.
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The 15 largest spenders in 2022 together accounted for 82 per cent of the world military expenditure of USD 1,842 billion.
Total global military expenditure increased by 3.7 per cent in real terms in 2022, to reach a new high of USD 2,240 billion. Military expenditure in Europe saw its steepest year-on-year increase in at least 30 years.
The largest spenders in 2022 -- the United States, China and Russia -- accounted for 56 per cent of the world total.
In 2021, India's military spending of USD 76.6 billion ranked third highest in the world. It was fifth largest military spender in the world in 2016 at USD 55.9 billion.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)