Arms Race: World's military spending is at an all-time high of $2.1 trillion, India ranks third

Another big news has come during the ongoing war between Russia and Ukraine. According to the Stockholm International Peace Research Institute (SIPRI), military spending in the world has reached an all-time high of $2.1 trillion. India has reached third place in terms of military expenditure.

America and China are at the forefront of spending on weapons. After him, India has taken its place. According to the SIPRI report for the year 2021, this year America, China, India, Britain, and Russia spent the most on weapons. According to the report, India is ranked third in the world with military spending of $ 76.6 billion in 2021. It has increased by 0.9 percent in comparison to 2020 and 33 percent in comparison to 2012.

Even when the world was battling the Corona epidemic, countries around the world increased spending on weapons. Not only this, in the second year of the epidemic, the world's military expenditure reached a record level of $ 2.1 trillion. In this way, for the seventh year in a row, there has been an increase in military expenditure.

According to the report, the US increased the military expenditure of the whole world by 0.7 percent and it was $ 2113 billion. The US spent $801 billion on the military in the year under review. It declined by 1.4 percent as compared to the previous year. The US spent 24 percent on defense research and 6.4 percent less on weapons purchases.

The five highest military spending countries accounted for 62 percent of total military spending in 2021. While GDP declined and the public continued to grapple with the burden of inflation, the expenditure on weapons increased by 6.1 percent.

The organization's chief researcher Dr. Diego Lopes de Silva said that after recovering from the corona epidemic, defense spending increased rapidly and reached 2.2 of global GDP. However, in 2020 it was 2.3 percent of the world GDP.

China came in second place. China spent $293 billion on defense. It increased defense expenditure by 4.7 percent compared to 2020. India's growth is marginal as compared to China.

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