India on 24 April 2017 became the world’s fifth-largest military spender, as per the figures released by the Stockholm International Peace Research Institute (SIPRI). India spent around USD 55.9 billion for its military in the year 2016.
As per the data of SIPRI, the United States remains the world’s largest military spender followed by China, Russia, and Saudi Arabia at 2nd, 3rd and 4th position respectively. The other prominent military spenders are Japan, South Korea, and Australia.
Highlights of the world military expenditure as per SIPRI
• Global military spending amounted to 2.2 per cent of the worldwide GDP.
• Military spending as a share of GDP was highest in the Middle East and was the lowest in the Americas.
• In Asia and Oceania, military expenditure increased by 4.6 per cent in 2016, which was the result of tensions in the region such claims of territorial rights made by various countries in the South China Sea.
• The US is the top spender whose military expenditure grew 1.7 per cent between 2015 and 2016 to USD 611 billion.
• China, Russia, and Saudi Arabia stood at 2nd, 3rd and 4th position respectively in the top 5 list of military spenders.
• Saudi Arabia, which was the third largest spender in 2015, is now ranked at 4th position in 2016 with a spending of USD 63.7 billion.
• Pakistan did not figure in the list of top 15 spenders and it spent USD 9.93 billion in 2016.
• Military expenditure in Western Europe rose for the second consecutive year and was up by 2.6 per cent in 2016.