According to the Stockholm International Peace Research Institute (Sipri) report, India was the fourth largest military spender in the world in 2023 with an expenditure of $83.6 billion after the United States, China and Russia.
- India’s spending was 4.2% higher than that in the previous year. China, the world’s second-largest military spender, allocated an estimated $296 billion to its military in 2023.
- Military spending by the US rose 2.3% to $916 billion in 2023, while Russia’s military expenditure increased by 24% to an estimated $109 billion amid the war with Ukraine
- The new Sipri report said the total global military expenditure reached $2443 billion in 2023, an increase of 6.8% from 2022. This was the steepest year-on-year increase since 2009.
- In 2023 the 31 NATO members accounted for $1341 billion, equal to 55 per cent of the world’s military expenditure.
