India ranks at third position in Military Expenditure in 2020

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According to the latest data published by the Stockholm International Peace Research Institute (SIPRI) on 26th April, top 3 countries in military spending are USA, China and India.

About

SIPRI tracks military expenditure and arms trade globally. SIPRI is an independent international institute dedicated to research into conflict, armaments, arms control and disarmament. Established in 1966, SIPRI provides data, analysis and recommendations, based on open sources, to policymakers, researchers, media and the interested public.

Based in Stockholm, SIPRI is regularly ranked among the most respected think tanks worldwide.

In 2020 the US spent 39 per cent of the money on military globally, China spent 13 per cent on military, and India accounted for 3.7 per cent of the globe’s share.

The military spending of all the top three countries was high even during COVID-19 crisis world over as compared to year 2019.

Since 2019, India’s spending rose to 2.1%, China rose moderately to 1.9% and the US saw a rise of 4.4% in military expenditure.

In terms of GDP, US’s spending was 3.7% while that of China and India were 1.7% and 2.9% respectively.

In the time span from 2011 to 2020, American military expenditure dripped by 10%, but China saw a 76% growth while India’s military spending grew by 34%.

According to SIPRI, military expenditure in Asia and Oceania was higher by 2.5 % in 2020 in comparison to 2019. Since 1989, China and India have shown continuous upward trend.

Apart from these top three countries; Russia, UK, Saudi Arabia, Germany and France are other top spenders.

SIPRI also added that military spending as a part of GDP has reached a global average of 2.4% in 2020 in comparison to 2.2% that was in 2019 and it said, ‘was the biggest year-on-year rise in the military burden since the global financial and economic crisis in 2009’.