India becomes third highest military spender
According to the report released by the Stockholm International Peace Research Institute (SIPRI), America is at the forefront of military spending among all the countries of the world, followed by China and India.
According to the report, US military spending amounted to $801 billion in the year 2021, a decline of 1.4 percent compared to the year 2020.
The US, China, India, Britain and Russia are among the five largest military spenders this year, accounting for 62 per cent of the total expenditure.
Total global military expenditure increased by 0.7 per cent in real terms in 2021, to reach $2113 billion.
India ranks third in the world with military spending of $76.6 billion, an increase of 0.9 percent compared to 2020 and 33 percent higher than 2012.
China, the world's second-largest spender, allocated an estimated $293 billion to its military in 2021, up 4.7 percent from 2020.
Russia's military expenditure in the year 2021 increased to 65.9 billion, which is 2.9 percent more than the year 2020.
Nigeria increased its military spending by 56 percent to $4.5 billion in 2021 in response to several security challenges such as violent extremism and separatist insurgency.
Full form - Stockholm International Peace Research Institute (SIPRI)
Formation- 6 May 1966
Founders- Tage Erlander, Alva Myrdal
Headquarters- Solna ,Stockholm (Sweden)
Director- Dan Smith
Please Rate this article, so that we can improve the quality for you -