India becomes world’s fifth largest military spender

As per figures revealed by Stockholm International Peace Research Institute (SIPRI), India has become world’s fifth largest military spender in year 2016. India’s military expenditure for 2016 was $55.9 billion, which marks 8.5% growth over 2015 figure.

Military Expenditure Data – 2016:

• Total world military expenditure in 2016 was $1686 billion, which marks an increase of 0.4% as compared to 2015 figure. This figure is very near to the peak of $1699 billion incurred in 2011.
• World military spending constituted 2% of global GDP in 2016.
• US retained its position as largest military spender in the world. It registered 1.7% growth in military expenditure as compared to 2015.
• Military spending in China and Russia increased by 5.4% and 5.9% respectively.
• Saudi Arabia which was 3^rd largest military spender in 2015, dropped to fourth position owing to 30% reduction in 2016.
• Most of the oil importing countries made huge cuts in military spending, owing to drop in oil prices and consequential monetary tightening.
• In Asia and Oceania, military spending increased by 4.6% in 2016.
• In Central America, the Caribbean and South America, combined military expenditure decreased by 7.8 % and went below 2007 levels. In African region, military spending expenditure reduced by 1.3%.
• Pakistan’s military expenditure in 2016 was $9.93 billion. It did not even feature in the top 15.

Top 5 Military Spenders in 2016:

About Stockholm International Peace Research Institute (SIPRI):

SIPRI is an independent international institute which conducts research into conflicts, armaments, arms control and disarmament.

• It is located in Stockholm, Sweden. It was established and is supported by Swedish Govt.
• It has emerged as an influential ‘Think Tank’ and its analysis and recommendations are followed by defence and foreign policy makers across the world.