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Global military spending hit an all-time high of USD 2.1 trillion in 2021, according to the Stockholm International Peace Research Institute (SIPRI), with the United States, China, and India accounting for the top three spenders.

Total global military expenditure increased by 0.7 per cent in real terms in 2021, reaching USD 213 billion. The United States, China, India, the United Kingdom, and Russia were the top five spenders in 2021, accounting for 62% of total spending, according to the Stockholm-based organization. 

As a result of the economic recovery following the COVID-19 epidemic, defence spending reached 2.2 per cent of global GDP in 2010, and 2.3 per cent in 2020.

According to the announcement, the United States military spending in 2021 will be USD 801 billion, a 1.4 per cent decrease from 2020. According to the statement, between 2012 and 2021, the US raised financing for military research and development by 24% while cutting spending on arms procurement by 6.4%.

China finished second, with a defence budget of USD 293 billion in 2020, up 4.7 per cent from the previous year. Last year, India placed third in the world in terms of military spending, with USD 76.6 billion, up 0.9 per cent from 2020.

According to the Stockholm-based institution, India’s military budget, at USD 76.6 billion, ranks third in the world. This was an increase of 0.9% from 2020 and 33% from 2012. As part of a push to develop the indigenous arms sector, 64 per cent of capital outlays in the military budget for 2021 were designated for the procurement of locally produced armaments.

According to the announcement, the UK spent $68.4 billion on defence last year, up 3% from 2020.

In the meantime, Russia ranked sixth in terms of defence spending.

High energy prices aided Russia’s military spending increase in 2021, according to Lucie Beraud-Sudreau, Director of SIPRI’s Military Expenditure and Arms Production Programme, who also noted that Russia’s military spending decreased between 2016 and 2019 due to low oil and gas prices as well as sanctions imposed on Russia.

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