According to the latest military expenditure database published by the Stockholm International Peace Research Institute, India was the third largest military spender in the world in 2020, behind only the US and China.
Daily Current Affairs Quiz 2021
The Stockholm International Peace Research Institute tracks military expenditure and arms trade globally, the US accounted for 39 per cent of the money spent on military globally, China accounted for 13 per cent, and India accounted for 3.7 per cent of the globe’s share.
The five biggest spenders in 2020, which together accounted for 62 per cent of global military expenditure, were the United States, China, India, Russia and the United Kingdom.
The 2.6 per cent increase in world military spending came in a year when global gross domestic product (GDP) shrank by 4.4 per cent (October 2020 projection by the International Monetary Fund), largely due to the economic impacts of the Covid-19 pandemic.
In 2020 US military expenditure reached an estimated $778 billion, representing an increase of 4.4 per cent over 2019. As the world’s largest military spender, the USA accounted for 39 per cent of total military expenditure in 2020.
