India’s military spending in 2021 was the third highest in the world, according to the Stockholm International Peace Research Institute (SIPRI). India’s military expenditure was $76.6 billion in 2021, up 0.9 percent from 2020 and 33 percent from 2012.
In a push to strengthen the indigenous arms industry, 64 percent of capital outlays in India’s military budget for 2021 was earmarked for acquisitions of domestically produced arms.
The United States and China, meanwhile, occupied the first and second spots in the list of the world’s largest military spenders. US military spending reached USD 801 billion in 2021, a drop of 1.4 percent from 2020. China, on the other hand, spent USD 293 billion on defence, an increase of 4.7 percent compared with 2020.
World military expenditure has reached an all-time high of USD 2.1 trillion in 2021, as per SIPRI.