Context: With military expenditure worth $83.6 billion in 2023, India was the fourth largest spender globally in 2023, the latest report by Stockholm International Peace Research Institute (SIPRI) states.
Key findings of Report
o The growth in spending is because of rising personnel and operations costs, aligning with the government’s priority to strengthen the operational readiness of the armed forces amid ongoing tensions with China and Pakistan.
o 75 per cent of the capital outlays went towards equipment produced domestically, reflecting India’s goal of becoming self-reliant in arms development and production.
o The five biggest spenders in 2023 the United States, China, Russia, India, and Saudi Arabia together accounted for 61 per cent of world military spending.
o Ukraine became the eighth-largest military spender in 2023, increasing its spending by 51 per cent.
Stockholm International Peace Research Institute (SIPRI)
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