World military spending reached a record $2.1 trillion in 2021 despite the economic fallout of the pandemic, according to the Stockholm International Peace Research Institute (SIPRI).
Salient features of report
- The five largest spenders in 2021 were the U.S., China, India, the U.K. and Russia, together accounting for 62% of expenditure.
- The U.S. and China alone accounted for 52%.
- India’s military spending of $76.6 billion ranked third highest in the world. This was up by 0.9% from 2020 and by 33% from 2012.
- The military spending in Asia and Oceania totalled $586 billion in 2021, which was 3.5% higher than in 2020, continuing an uninterrupted upward trend dating back to at least 1989.
- The increase in 2021 was primarily due to growth in Chinese and Indian military spending. Together, the two countries accounted for 63% of total military expenditure in the region in 2021.
GS TIMES UPSC PRELIMS & MAINS CURRENT AFFAIRS BASED BASICS DAILY ONLINE TEST CLICK HERE
CLICK HERE DAILY CURRENT AFFAIRS QUIZ FOR STATE CIVIL SERVICES
