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DAILY NEWS ANALYSIS
24 April, 2021
2 Min Read
Despite the huge countries due to the ongoing COVID-19 pandemic, global military spending in 2020 was the highest in at least 22 years, according to the Stockholm International Peace Research Institute. The world's military expenditure stood at $1,981 billion in 2020. The five biggest spenders, which accounted for 62% of global military expenditure in 2020, were the U.S, China, India, Russia, and the U.K. India's military expenditure as a share of the GDP and total government spending among comparable economies was second only to that of Russia.
Expenditure Peaks
Stockholm International Peace Research Institute (SIPRI) released its annual report ‘Trends in World Military Expenditure, 2019’.
According to the report, the global military expenditure rose to $1917 billion in 2019 with India and China emerging among the top three spenders.
India
The Union Budget 2019-20
The Union Budget 2020-21
India with 2.5 war threat from neighbours like China , Pakistan and looming problem of terrorism in the world, adopts a policy of deterrence. Hence the expenditure is high- Reaching third position in the world.
Source: TH
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