April 23, 2024
This amount marked a 6% increase from 2021 and a substantial 47% rise from 2013 figures
The capital outlay for modernising the armed forces saw a 9.39% increase from last year's revised estimates
The global military expenditure, which reached US$ 2443 billion in 2023, showing a substantial 6.8% increase from 2022
This surge in spending has coincided with ongoing conflicts, rising tensions, and heightened global insecurity, making it the sharpest year-on-year increase since 2009
In 2023, India solidified its position as the fourth-largest military spender globally, according to a report released by the Stockholm International Peace Research Institute (SIPRI). The country’s military expenditure reached US$ 83.6 billion, showcasing a 4.2% increase compared to the previous year.
India’s heightened military spending is a response to the regional developments since 2020. With a focus on bolstering defence capabilities and fortifying military infrastructure along its borders, India has embarked on modernizing its armed forces. This includes investments in fighter jets, helicopters, warships, tanks, artillery guns, rockets, missiles, unmanned systems, and various combat systems.
This year’s report follows a similar trend from 2022 when India also held the fourth spot with a military spending of US$ 81.4 billion. This amount marked a 6% increase from 2021 and a substantial 47% rise from 2013 figures, as per last year’s Sipri report.
In its recent interim budget for 2024-25, India allocated INR 6.21 lakh crore for defence spending, a marginal 0.37% decrease from the previous year’s revised estimates. However, this allocation represents a 4.72% increase from the budget estimates for 2023-24. This year’s defence budget accounts for 1.89% of the country’s projected gross domestic product (GDP) for 2024-25.
Breaking down the budget, it includes INR 2.82 lakh crore for revenue expenditure, INR 1.72 lakh crore for capital outlay, and INR 1.41 lakh crore for pensions. The capital outlay for modernising the armed forces saw a 9.39% increase from last year’s revised estimates and a 5.78% rise compared to the budget estimates for 2023-24.
SIPRI’s report also highlighted the global military expenditure, which reached US$ 2443 billion in 2023, showing a substantial 6.8% increase from 2022. The institute noted that this surge in military spending coincided with ongoing conflicts, rising tensions, and heightened global insecurity, making it the sharpest year-on-year increase since 2009.
Source: Business Today