India spent 83.6 billion dollars in the year 2023 and thus became the fourth-largest country in the world in terms of military expenditure. This was 4.2 % more than in 2022. The five highest spending countries in 2022 remain in the same position in 2023. Russia is at number three in this. A total of 10 countries have spent lavishly on military weapons. America is on top of this.
Sweden’s Stockholm International Peace Research Institute (SIPRI) has revealed this in a report released on Monday. According to the report, global military spending reached $2443 billion in 2023. As compared to the year 2022 it is an increase of 6.8%. It was $22.4 trillion in 2022. According to the report, the amount of money that various countries in the world are currently spending on arms, ammunition and other military equipment has never happened before. According to the report, this is the biggest increase in a year since 2009 and the ninth consecutive year when spending has increased.
America is on top and China is on second
America still tops the list of countries with the highest military spending. In 2023, America spent $916 billion on defence, which is more than 37% of the total worldwide expenditure. In second place is China, whose expenditure is about one-third of America. It spent $296 billion, which is 12% of its total expenditure. This is 6% more than in 2022. China’s military expenditure has increased year-on-year for 29 consecutive years. These two countries contributed half of the total expenditure on weapons.
India is in the fourth position
The fourth largest country in terms of military expenditure is India which spent 83.6 billion dollars. This was 4.2% more than in 2022. After Russia India is in the fourth position. Russia’s expenditure in 2023 increased by 24% compared to 2022 to reach $109 billion. This is a 57 percent increase since Russia separated Crimea from Ukraine in 2014. Russia is spending 5.9% of its GDP on military.
The Russia-Ukraine war is also a major cause
SIPRI researcher Lorenzo Scarazzato said, one of the main factors for the increase in military spending is the ongoing war between Russia and Ukraine. Ukraine is the eighth-largest country in terms of military expenditure. Its expenditure increased by 51% to reach $64.8 billion, which is 37% of its total GDP. The largest increase in military spending was seen in the Democratic Republic of Congo, where war continues between the government and rebels. Its expenditure has increased by 105%.
Military spending increased in all five regions defined by SIPRI, particularly in Europe, Asia, Oceania, and the Middle East.
