World Military Expenditure Rises to $2240 Billion

World Military Expenditure Rises to $2240 Billion

Daily Current Affairs   /   World Military Expenditure Rises to $2240 Billion

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Category : International Published on: April 27 2023

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  • The report of Stockholm International Peace Research Institute (SIPRI) has released the report regarding the defense expenditure of all the countries of the world.
  • According to SIPRI report, countries around the world have spent $2240 billion i.e. Rs 183 lakh crore on their armies.
  • India has become the country with the fourth largest defense budget in the world. In 2022, India has spent 23 percent of the total for the armed forces in terms of modernization of equipment and strengthening of military infrastructure.
  • The data shows that global spending is set to increase by 3.7%, with the United States topping the list of military spenders in 2022.
  • Military spending in Europe saw the fastest year-over-year increase in at least 30 years.
  • According to new data on global military spending published by the Stockholm International Peace Research Institute (SIPRI), the United States, China and Russia are the three largest military spenders in 2022, accounting for 56 percent of the world's total spending.
  • India has secured the fourth position in the defense sector with an expenditure of $81.4 billion.
  • Experts believe that this report reflects the increasing level of insecurity around the world.
  • There are many reasons for the high military spending, including the Russia-Ukraine conflict.
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