India Defense Budget: All countries in the world are currently giving top priority to defense. For this, a large amount of funds are allocated to the army and weapons. The Stockholm International Peace Research Center (CIPRI) has released a recent report on how much countries are spending on defense around the world. According to this list, the US is the top defense spender. This country is spending 91 billion dollars for defense. And according to the 2023 report, India will spend Rs. 8,300 crore dollars. India ranks fourth in defense expenditure in the world. China and Russia are in the second and third positions.
2.44 lakh crore dollars worldwide.
According to Cipri, countries of the world spent 2,44,300 crore dollars last year for defense. That amount is 6.8% higher than in 2022, it said. This is the first time since 2009 that defense spending has increased this much in a single year. This is the ninth year in a row that this expenditure has increased.
India's expenditure is like this..
And according to the CIPR report.. India's defense expenditure has increased by 4.2% in 2023 compared to 2022. Compared to 2014, it has increased by 44%. The main reason behind the increase in India's defense expenditure is the increase in personnel and maintenance costs. They will account for a third of the total military budget by 2023. With the ongoing tensions with China and Pakistan, India is giving priority to strengthening the combat readiness of the armed forces. About 22% of the military expenditure budget is allocated to defense procurement. 75% of that goes to domestic purchases.
Some highlights of the CIPR report..
– The Russia-Ukraine war, geopolitical tensions in Asia, Oceania and West Asia have increased global defense spending in the past year.
– US defense spending increased by 2.3% compared to 2022. The increase in mandated defense spending was 9.0% compared to 2014.
– Ukraine ranked 8th in the world last year in terms of military spending. In 2023, the mandate spent the most on this sector. A total of 6,490 crore dollars was spent. It is only 50 percent of Russia's defense spending.
