India 4th largest military spender in 2023: SIPRI

According to the report, Indian spending was up by 4.2 per cent from 2022 and by 44 per cent from 2014.

It said the growth in spending is because of rising personnel and operations costs, and this aligns with the government’s priority to strengthen the operational readiness of the armed forces amid ongoing tensions with China and Pakistan.

It said that capital outlays to fund military procurement remained relatively stable at around 22 per cent of the budget in 2023, of which 75 per cent went towards equipment produced domestically.

“The continued shift towards domestic procurement reflects India’s goal of becoming self-reliant in arms development and production,” the report noted.

As per the report the five biggest spenders in 2023 –the United States, China, Russia, India and Saudi Arabia—together accounted for 61 per cent of world military spending. The US spending was $916 billion and the Chinese spending was an estimated $296 billion. Russia’s military spending grew by 24 per cent in 2023 to an estimated $109 billion.

As per the report, Ukraine became the eighth largest military spender in 2023, increasing its spending by 51%.