India becomes world's fourth largest defence spender: report
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New Delhi: In 2022, India was the world's fourth-largest defence spender. That is a 6% increase from 2021.
The military expenditure reached $ 81.4 billion last year. This is also a 47% increase from 2013. In 2021, India spent $76.6 billion and ranked third on the list. In 2016, India was ranked fifth with $55.9 billion.
According to a report by the Swedish think tank Stockholm International Peace Research Institute (SIPRI), around 23% of India's total spending was toward funding military equipment and infrastructure. This includes the work along the India-China border where tension has been going for the last three years. "The increase in India's spending shows the effects of its border tensions with China and Pakistan."
The report also noted that a major part of the defence spending, close to half of the total amount, was on salaries and pensions.
According to the report, the US is still spending the most on the military with 39% of the world's defence expenditure. It is followed by China (13%), Russia (3.9%), India (3.6%), and Saudi Arabia (3.3%). The five countries together account for 63% of the global military spending.
Last year, the global military expenditure increased by 3.7% and Europe saw the steepest year-on-year increase in 30 years. The US, China, and Russia alone accounted for 56%. The 15 largest spenders accounted for 82% of $1,842 billion.