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Stockholm International Peace Research Institute(SIPRI) released a report titled “Trends in World Military Expenditure Report, 2020”.
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The report provides data related to the military expenditure by countries in 2020.
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SIPRI is an independent international institute established in 1966 in Stockholm, Sweden. Its functions are to research into conflict, armaments, arms control, and disarmament.
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Key Findings Related to India:
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India was the 3rd largest military spender in the world in 2020 behind only the US and China.
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India’s military expenditure was $72.9 billion in 2020. This is an increase of 2.1% since the year 2019.
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India’s military spending is 2.9% of its Gross Domestic Product(GDP).
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India accounted for 3.7% of the money spent on the military globally.
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Other Key Findings:
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World military expenditure was $1981 billion in 2020. It is an increase of 2.6% compared to 2019.
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The increase in military spending came in a year when the global GDP shrank by 4.4% largely due to the economic impacts of the Covid-19 pandemic.
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The five biggest spenders in 2020 were the United States, China, India, Russia, and the United Kingdom. These countries together accounted for 62% of world military spending.
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From 2011 to 2020, US military expenditure dropped by 10%. But China saw a 76% growth while India’s military spending grew by 34%.