Check Daily Current Affairs, For More Call On 9354229384, 9354252518.

Current Affairs

India's military spending up by 3.1%:SIPRI

Date: 02 May 2019 Tags: Defence & Security

According to SIPRI Military Expenditure Database, India's total military spending increased by 3.1% to $66.5 billion in 2018. Whereas, total world military expenditure has rose to $1.8 trillion in 2018, representing an increase of 2.6% from 2017.

Key Highlights of SIPRI Military Expenditure Database

  • World military expenditure: It has increased to $1.8 trillion in 2018. It accounted to 2.1%% of global gross domestic product (GDP) or $239 per person. This has reached its highest level in 2018 since end of Cold War. This growth is mainly fueled by increased spending by  US and China, the world's two biggest economies.
  • Reason for rise in military expenditure: It is fueled by tensions between countries in Asia as well as between China and US. In 2018, US and China collectively accounted for half of world’s military spending.
  • Five biggest military spenders in 2018: United States, China, Saudi Arabia, India and France. These top five countries together accounted for 60% of global military spending.
  • United States: Its military spending grewfor the first time since 2010—by 4.6% to reach $649 billion in 2018. It has remained by far largest spender in world and spent almost as much on its military in 2018 as next eight largest-spending countries combined.
  • China: It is second-largest spender in world, increased its military expenditure by 5% to $250 billion in 2018. It also represented 14% of world spending. It was 24th consecutive year of increase in Chinese military expenditure and 10 times higher than the amount spent by China in 1994.
  • India: Its military spending increased by 3.1% to $66.5 billion in 2018. India’s defence budget has remained less than 2% of the GDP.
  • Pakistan: Its military expenditure grew by 11%%to reach $11.4 billion in 2018. It is same level of growth as seen in 2017.

Stockholm International Peace Research Institute (SIPRI)

It is international institute dedicated to research into conflict, armaments, arms control and disarmament. It was established in 1966 and is based in Stockholm, Sweden. It provides data, analysis and recommendations based on open sources to policymakers, researchers and media etc.