Recently International Research Institute 'Stockholm International Peace Research Institute (SIPRI)', released the ‘Trends in World Military Expenditure, 2019’ report and ranked India as the 3rd largest military spender in the world. The year 2019 has seen an increase of 3.8% in the total global military expenditure compared to the year 2018, which is the highest ever since 2010.
- The Union Budget 2019-20, envisaged a total outlay of ₹27,84,200 crore. Out of this ₹3,18,931.22 crore was earmarked for Defence (excluding Defence Pension). It was 6.8% more than that of 2018 and has grown by 37% over the decade of 2010–19. If compared to 1990, it has gone up by 259%.
- Total defence budget accounts for 15.49% of the total central government expenditure for the year 2020-21.
- India’s defence expenditure is growing in absolute terms. However, defence expenditure has been going down as a percentage of its GDP, due to the increasing trend in the growth of GDP. In 2019, the expenditure was 2.4% of India’s GDP which was lower than that of 2.7% in 2010.
- According to the report, five countries account for 62% of total global expenditure by the US, China, India, Russia and Saudi Arabia respectively.
- Apart from China and India, Japan ($ 47.6 billion) and South Korea ($ 43.9 billion) were the highest military spenders in Asia. Pakistan ranked 24th in the world in terms of military spending in the year 2019.
Stockholm International Peace Research Institute (SIPRI)
- SIPRI or Stockholm International Peace Research Institute is an international think tank based in Sweden.
- It is involved in research about arms control, disarmament and conflicts. It cooperates closely with organizations like UN and the EU. It is one of the top think tanks in the world.