India’s military spending of $76.6 billion ranked third highest in the world. This was up by 0.9 per cent from 2020 and by 33 per cent from 2012. In a push to strengthen the indigenous arms industry, 64 per cent of capital outlays in the military budget of 2021 were earmarked for acquisitions of domestically produced arms.
According to data published by SIPRI, the top five military spenders—the United States, China, India, the United Kingdom, and Russia—accounted for 62 per cent of the global military expenditure.
Amid ongoing tensions and border disputes with China and Pakistan that occasionally spill over into armed clashes, India has prioritized the modernization of its armed forces and self-reliance in arms production. According to new data on global military spending published today by the Stockholm International Peace Research Institute (SIPRI). Total global military expenditure increased by 0.7 per cent in real terms in 2021, to reach USD 2113 billion. The five largest spenders in 2021 were the United States, China, India, the United Kingdom and Russia.