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 3rd 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:
|Country||Amount Spent in 2016|
|Saudi Arabia||$63.7 billion|
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.