World military expenditure at over $2 trillion; US, China, India, UK & Russia top spenders: Think tank
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According to Stockholm International Peace Research Institute(SIPRI), world military spending rose to $2113 billion with the United States, China, India, UK and Russia being the five largest spenders last year.
The total military expenditure rose 0.7 per cent in real terms, SIPRI informed as the US, China, India, UK and Russia accounted for 62 per cent of the expenditure.
"Even amid the economic fallout of the COVID-19 pandemic, world military spending hit record levels," SIPRI's Dr Diego Lopes da Silva said.
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The think tank said the US military spent $801 billion in 2021 which was a drop of 1.4 per cent from the previous year, however, itsmilitary research and development rose by 24 per cent between 2012 and 2021 as the US focuses on "next-generation technologies".
Russia which is currently at war with Ukraine had increased its military expenditure by 2.9 per cent last year to $65.9 billion. SIPRI said it was the third consecutive year of growth in Russia's military spending.
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SIPRI's Lucie Béraud-Sudreau said: "High oil and gas revenues helped Russia to boost its military spending in 2021."
Russia also increased its national defence budget line, it said even as Ukraine’s military spending rose 72 per cent since Russia's annexation of Crimea in 2014.
China's military budget rose 4.7 per cent as President Xi's regime allocated an estimated $293 billion in 2021. In fact, the Japanese government added $7 billion to military spending, the military watcher stated in its report.
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"China’s growing assertiveness in and around the South and the East China seas have become a major driver of military spending in countries such as Australia and Japan," SIPRI said.
India spent $76.6 billion which was the third-highest in the world.
India's military expenditure rose 0.9 per cent compared to2020. India's military expenditure rose 33 per cent from 2012 with 64 per cent capital outlay in the military budget last year earmarked for domestically produced arms.
(With inputs from Agencies)