According to the report ‘Trends in World Military Expenditure, 2020’ released by Stockholm International Peace Research Institute (SIPRI), India with a Military Expenditure of USD 72.9 Billion in 2020 (3.7% of Global Share) was ranked as the 3rd Highest Military Spender in 2020.
- The United States (US) was the World’s Highest Military Spender in 2020 with a spending of USD 778 Billion (39% of Global Share) followed by China which spent around USD 252 Billion (13% of Global Share).
- The Total Global Military Expenditure rose to USD 1981 Billion in 2020 (2.4% of Global GDP in 2020), which is an increase of 2.6% compared to 2019.
- India’s spending increased by 2.1 %, China’s by 1.9% & US by 4.4% compared to their 2019 levels.
- SIPRI had ranked India as the 3rd Highest Military Spender of 2019 in its 2020 report.
Top 3 Military Spenders in 2020:
|3||India||USD 72.9 Billion|
|1||US||USD 778 Billion|
|2||China||USD 252 Billion|
- The 5 biggest military spenders in 2020 – US, China, India, Russia & UK account for 62% of the Global Military Expenditure.
- The 2.6% increase in military spending comes in a year where the global GDP shrank by 4.4% (predicted by IMF in October 2020) due to pandemic.
- China’s Military Spending has increased continuously for the past 26 consecutive years (longest by any country).
Asia & Oceania region
In the Asia & Oceania region,
- China, India, Japan, South Korea & Australia were the largest military spenders between 2019 and 2020 and also in the past decade (2011-20).
- The overall spending in the region increased by 2.5% in 2020 compared to 2019 & 47 per cent higher in 2020 than in 2011.
- China & India together accounted for 62% of total military expenditure in the region in 2020.
Recent Related News:
March 16, 2021, According to a report by SIPRI, India’s import of arms decreased by 33% between 2011-15 and 2016-20 due to its increased push for ‘Make-in-India’ initiative and other measures to boost the domestic defence industry.
About Stockholm International Peace Research Institute (SIPRI)
Director – Dan Smith
Headquarters – Stockholm, Sweden