homeeconomy News

India among top five defence spenders in 2017, says report

India among top five defence spenders in 2017, says report

India among top five defence spenders in 2017, says report
Profile image

By Salmanul Farisy  May 2, 2018 8:46:51 PM IST (Published)

India is among the world's top five military spenders in 2017, said a Stockholm-based independent think tank on Wednesday.

Recommended Articles

View All

India spent $63.9 billion on its military in 2017, an increase of 5.5% compared with 2016, said The Stockholm International Peace Research Institute (SIPRI) in a report.
"The five biggest spenders in 2017 were the United States, China, Saudi Arabia, Russia and India, which together accounted for 60% of the total," the report reads.
SIPRI said Global military spending rose to $1.739 trillion last year, a 1.1% increase on 2016.
Military spending accounted for 2.2% of global gross domestic product (GDP) in 2017.
After 13 consecutive years of increases from 1999 to 2011 and relatively unchanged spending from 2012 to 2016, total global military expenditure rose again in 2017, said the report.
According to the report, China continued its upward trend that has lasted for more than two decades, Russian expenditure fell for the first time since 1998, and the United States' military spending remained constant for the second consecutive year.
China increased its military spending by 5.6% to $228 billion in 2017. Its share of global military expenditure has risen from 5.8% in 2008 to 13% in 2017.
At $66.3 billion, Russia’s military spending in 2017 was 20% lower than in 2016, the first annual decrease since 1998.
"The increases in world military expenditure in recent years have been largely due to the substantial growth in spending by countries in Asia and Oceania and the Middle East, such as China, India and Saudi Arabia,’ said Dr Nan Tian, Researcher with the SIPRI Arms and Military Expenditure (AMEX) programme.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers