In accordance with the report released by Stockholm International Peace Research Institute (SIPRI), India has been ranked at 6th Position in the 2015 report on Trends in world military expenditure.
- The chart has been topped by the USA as the world’s biggest spender in 2015.
- In comparison with the previous year ranking India has climbed one spot in the worldwide rankings in terms of military expenditure.
- Top 5 countries – USA, China, Saudi Arabia, Russia and UK.
Report w.r.t. India:
- Total Total India spending – 51.3 billion US dollars
- Share of world military expenditure – 3.1%
- Share of GDP – 2.3%
- Further plans – India plans to ↑ military expenditure by about 8% in 2016.
Global Highlights of report:
- Increase in military spendings – Expenditure on world military mount up to 7 trillion US dollars in 2015 showing 1% ↑from previous year since 2011.
- Indicated growth – The increase indicated proceeding with development in Asia and Oceania, Central and Eastern Europe and some Middle Eastern states.
- Countries with decreased spending – While some countries have shown elevation in the growth in military expenditure, there are like Africa, and Latin America and the Caribbean which has shown downgraded their expenditure.
- World’s biggest spender – United States again sat as the world’s biggest spender of 2015 inspite its expenditure trimmed by 4% to 596 billion US dollars.
- Surge in military spending – Due to high oil prices and new oil discoveries and exploitation, the military spendings surged in many countries previously.
- Sudden reduction – Spending in Venezuela and Angola had shown a sudden reduction of 64% and 42% respectively due to oil revenue. Bahrain, Brunei, Chad, Ecuador, Kazakhstan, Oman and South Sudan have also shown downgradation.
- Tension between nations Increases expenditure – Heightening tensions between China and various countries in the region contributed to substantial increases in expenditure by Indonesia, the Philippines and Vietnam.
Stockholm headquartered monitors the developments in military expenditure worldwide. It also maintains the comprehensive, consistent and extensive data source available in military expenditure.