India ranks 4th in global military spending at US$ 83.6 billion in 2023: Report

In 2023, India ranked as the world's fourth-largest military spender, allocating US$ 83.6 billion towards modernizing various weaponry and combat systems, per a Stockholm International Peace Research Institute (SIPRI) report. The top three spenders were the United States (US), China, and Russia, respectively. India's military expenditure witnessed a 4.2% increase compared to 2022, reflecting its strategic focus on enhancing defence capabilities, particularly along the China border after the Ladakh standoff commenced in May 2020. Investments encompass fighter jets, helicopters, warships, tanks, artillery guns, rockets, missiles, unmanned capabilities, and other combat systems.

India maintained its fourth position in 2022, with military spending amounting to US$ 81.4 billion, representing a 6% surge from 2021 and a substantial 47% rise since 2013. Globally, total military expenditure reached US$ 2,443 billion in 2023, marking a 6.8% increase from 2022, attributed to ongoing conflicts, escalating tensions, and global insecurity. The US witnessed a 2.3% increase in military spending, totalling US$ 916 billion, while Russia's military expenditure surged by 24% to an estimated US$ 109 billion amidst the conflict with Ukraine.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.