Sharpest Annual Rise In Global Military Spending Since 2009, India Fourth Largest Spender: Here's All That SIPRI Report Says

In 2023, India emerged as the fourth largest spender on military globally, allocating $83.6 billion, marking a 4.2 per cent increase from the previous year, as reported by the Stockholm International Peace Research Institute (SIPRI).

Here are the key findings from SIPRI's report:

• Global military spending surged by 7 per cent to $2.43 trillion in 2023, representing the sharpest annual rise since 2009, attributed to deteriorating international peace and security.

• The top spenders in 2023 were the United States, China, and Russia.

• US military expenditure rose by 2.3 per cent to $916 billion, accounting for 68 per cent of total NATO military spending.

• China, the world's second largest military spender, allocated approximately $296 billion to its military in 2023, marking a 6.0 per cent increase from the previous year.

• Russia's military spending increased by 24 per cent to an estimated $109 billion, representing a 57 per cent rise since 2014, coinciding with the annexation of Crimea.

• Ukraine, the eighth largest spender in 2023, saw a 51 per cent increase in military spending to $65 billion, supported by $35 billion in military aid from other countries, mainly the US.

• European NATO members collectively increased their spending to $1.3 trillion, accounting for 55 per cent of global military expenditure.

• Middle East witnessed a significant surge in military spending by 9 per cent to $200 billion, driven by conflicts and tensions in the region.

• Israel's military spending grew by 24 per cent to $27.5 billion, primarily due to its offensive in Gaza in response to attacks by Hamas.

• Iran ranked fourth in military spending in the Middle East with $10.3 billion, with a notable increase in allocation to the Islamic Revolutionary Guard Corps.

• Japan and Taiwan saw increases in military expenditure by 11 per cent in 2023.

• Central America and the Caribbean experienced a 54 per cent increase in military spending, mainly to combat organized crime.

• Notably, the Democratic Republic of the Congo witnessed the largest percentage increase in military spending in 2023, rising by 105 per cent.

• Poland's military spending surged by 75 per cent, making it the 14th highest spender globally.

• Brazil's military expenditure increased by 3.1 per cent to $22.9 billion in 2023.