Context:
The Stockholm International Peace Research Institute (SIPRI) report says India was the fourth largest military spender globally in 2023.
Key highlights of the report
- The report showed that the United States, China and Russia remained the top three military spenders globally followed by India and Saudi Arabia together accounted for 61 percent of world military spending.
- With military expenditure worth $83.6 billion in 2023 around 4.2 percent higher than 2022, India was the fourth largest spender globally in 2023.
- Growing personnel and operations costs comprised about 80 percent of the total military budget.
- Indian spending was up by 4.2 percent from 2022 and by 44 percent from 2014. India was the fourth-highest spender in 2022 too.
- Capital outlays to fund military procurement remained relatively stable at around 22 percent of the budget in 2023.
Stockholm International Peace Research Institute (SIPRI)
- It is an institute founded in 1966 that provides data, analysis and recommendations for armed conflict, military expenditure and arms trade as well as disarmament and arms control.
- Headquarters: Stockholm, Sweden
World military expenditure
- It increased for the ninth consecutive year in 2023, reaching a total of USD 2443 billion.
- In 2023, the 31 NATO members accounted for USD 1,341 billion, equal to 55 percent of the world’s military expenditure
Significance of Military Spending
- Self-Reliance: The continued shift towards domestic procurement reflects India’s goal of becoming self-reliant in arms development and production.
- To strengthen the operational readiness of the armed forces amid ongoing tensions with China and Pakistan.
- To modernise its military with fighter jets, helicopters, warships, tanks, artillery guns, rockets and missiles, unmanned capabilities and other combat systems.
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