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Current Affairs

Top military spenders

Date: 28 April 2021 Tags: Reports & Indices

Issue

 The Stockholm International Peace Research Institute (SIPRI) has published a report on global military expenditure for the year 2020.

 

Details

  • The report has shown that top military spenders such as US, China and India had their expenditure go up from the year 2019.

  • India’s military expenditure was $72.9 billion, China’s $252 billion and USA’s was $7778 billion. India’s growth was 2.1 percent while China’s was 1.9 percent and USA’s 4.4 percent.

  • The overall global expenditure grew by 2.6 percent to $1981 billion. This was significant because global economy shrunk by 4.4 percent.

 

The report

  • USA’s military spending was 3.7 per cent of its GDP while China’s and India’s were 1.7 per cent and 2.9 per cent respectively.

  • Military spending in Asia and Oceania grew by 2.5 percent this year due to extra funding by China and India.

  • Russia, the UK, Saudi Arabia, followed by Germany and France make up the rest of the top military spenders list.

  • Some of countries reduced their spending by allocating part of the funding for pandemic purposes. These countries include South Korea, Chile and Brazil.

 

Report on India

  • Previous reports have said that India’s arms imports have come down by a third as the government has been trying to reduce its dependency.

  • India has remained the second highest importer of arms behind the top leader Saudi Arabia. Top global exporters include USA, Russia, France, Germany and China.

  • Russia was the most affected country by India’s decision to reduce imports as the amount fell by 33 percent. US imports also fell by 46 percent.

 

SIPRI

  • SIPRI is an independent international research institute based in Sweden that studies research conflict, arms control, armaments, and disarmament. 

  • The institute receives major part of its funding from the Swedish Parliament as it was established based on its decision.

  • The institute studies open sources, to policymakers, researchers, media and the interested public to provide data, analysis and recommendations.