India Ranks Fourth in Global Military Spending, Increases Focus on Defence Modernization

India Ranks Fourth in Global Military Spending, Increases Focus on Defence Modernization

According to a report by the Stockholm International Peace Research Institute (SIPRI), India emerged as the fourth-largest military spender globally in 2023, allocating $83.6 billion towards defence, showcasing a 4.2% increase from the previous year. This surge in spending reflects India’s heightened emphasis on bolstering its defence capabilities, particularly along the China border, following the Ladakh standoff in May 2020.

India’s commitment to modernizing its military is evident through investments in various sectors, including fighter jets, helicopters, warships, tanks, artillery guns, rockets, missiles, unmanned capabilities, and other combat systems. This strategic focus aligns with India’s ambition to strengthen its national security infrastructure and maintain regional stability.

China, the world’s second-largest military spender, allocated an estimated $296 billion to its military in 2023, marking a 6% increase from the previous year. SIPRI noted that several of China’s neighbors have responded to its rising military expenditure by enhancing their own defence budgets.

The global military expenditure reached $2,443 billion in 2023, witnessing a significant 6.8% increase from the previous year. This surge in spending is attributed to escalating conflicts, rising tensions, and growing global insecurity. Notably, the United States’ military spending rose by 2.3% to $916 billion, while Russia’s expenditure surged by 24% to an estimated $109 billion amidst the ongoing conflict with Ukraine.

India’s defence budget for the fiscal year 2024-25, amounting to ₹6.21 lakh crore, underscores the government’s commitment to strengthening national security. The allocation, though marginally lower than the previous year’s revised estimates, reflects a 4.72% increase from the budget estimates for 2023-24. With a focus on modernization, the budget emphasizes capital outlays for the armed forces, highlighting a 9.39% increase from the previous year’s revised estimates.

The SIPRI report underscores the unprecedented rise in global military spending, signaling a direct response to deteriorating peace and security worldwide. As geopolitical tensions persist, nations continue to prioritize defence investments to safeguard their interests and maintain strategic advantage in an increasingly uncertain world.