From UPSC perspective, the following things are important :
Prelims level : NA
Mains level : India's defence exports, Atmanirbharta in defence
World military spending continued to grow in 2021, reaching a record $2.1 trillion despite the economic fallout of the pandemic, according to new data on global military spending published by the Stockholm International Peace Research Institute (SIPRI).
Top defence spenders in 2021
- The five largest spenders in 2021 were the U.S., China, India, the U.K. and Russia, together accounting for 62% of expenditure.
- The U.S. and China alone accounted for 52%.
India’s defence expenditure
- India’s military spending of $76.6 billion ranked third highest in the world.
- This was up by 0.9% from 2020 and by 33% from 2012.
- Amid ongoing tensions and border disputes with China and Pakistan that occasionally spill over into armed clashes, India has prioritised the modernisation of its armed forces and self-reliance in arms production, the report said.
What about Russia and Ukraine?
- Russia increased its military expenditure by 2.9% in 2021, to $65.9 billion, at a time when it was building up its forces along the Ukrainian border.
- On Ukraine, the report remarked that as it had strengthened its defences against Russia, its military spending “has risen by 72% since the annexation of Crimea in 2014”.
- Spending fell in 2021, to $5.9 billion, but still accounted for 3.2% of the country’s GDP.