India third-largest military spender after the US and China
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India’s annual military expenditure, of course, includes a huge pension bill for 33-lakh million veterans and defence civilians. In the 2021-2022 defence budget, for instance, the pension bill was Rs 1.15 lakh crore out of the total Rs 4.78 lakh crore outlay.
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(This story originally appeared in
on Apr 26, 2021)India remains the third biggest military spender in the world, though far behind the US that spends more than 10 times and China almost four times its defence budget.
The total global military expenditure rose to $1,981 billion in 2020, an increase of 2.6% in real terms from 2019 despite the global gross domestic product contracting by 4.4% mainly due to the Covid pandemic’s economic impact, says the latest data released by global think-tank Stockholm International Peace Research Institute (SIPRI) on Monday.