Stockholm International Peace Research Institute (SIPRI) said today on Monday that the world’s total military spending reached USD $2.1 trillion in 2021, a record figure, and the top three spenders were United States, China, and India. The Stockholm-based think tank said: "Total global military expenditure increased by 0.7 per cent in real terms in 2021, to reach USD 2113 billion. The five largest spenders in 2021 were the United States, China, India, the United Kingdom, and Russia, together accounting for 62 per cent of expenditure,"
India’s military spending was noted at $76.6 billion in 2021, an increase of 0.9 per cent from 2020 and 33 per cent from 2012. 64% of capital outlays in the military budget were reserved for procurement of domestically produced equipment.
Above this was China’s with USD $293 billion spent on defense, marking an annual increase of 4.7 per cent from 2020, and the top spender remains the United States of America with USD $801 billion in 2021, but this represented a drop of 1.4 per cent annually. In the period of 2012-21, the US cut back on spending on arms purchases by 6.4 per cent while increasing military research and development funding by 24 per cent.
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