India among the top 3 military spenders
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New Delhi: India emerged among the top three in military spending, says a Swedish research Institute.
While Pakistan is placed at 24 th spot, Russia and Saudi Arabia are at the fourth and fifth positions.
Swedish think-tank, Stockholm International Peace Research Institute( SIPRI) released on Monday its annual report regarding military spending by nations.
The report titled, ‘Trends in world military expenditure, 2019’, said that India spent $ 71.1 billion on defence in 2019, which was 2.4 percent of India’s GDP.
India climbed from the fourth spot it occupied last year, posting a growth in its expenditure by 250 percent over the 30-year period ( 1990-2019).
Researchers attribute India’s burgeoning military spending to its tensions and rivalry with Pakistan and China.
While the growth in China’s military spending, continuously on the rise since 1994, nearly matched the nation’s economic growth, according to the report.