SIPRI Report: Global military spending is rising due to rising geopolitical tensions, India’s defense budget is increasing

New Delhi (India), April 22: The Stockholm International Peace Research Institute (SIPRI) report highlights that the increase in military spending is a response to the global deterioration of peace and security, with states prioritizing military strength amid increasing tensions and insecurity.

India’s defense budget for the financial year 2024-25 has reached an unprecedented Rs 6,21,540.85 crore, marking a significant increase in the last five years.

The budgetary allocation represents a notable increase, with around one lakh crore (18.35 per cent) more allocated compared to FY 2022-23, and an increase of 4.72 per cent over the allocation for FY 23-24.

This increase in Indian defense spending is in line with a broader global trend of escalating military spending. According to new data published by the Stockholm International Peace Research Institute (SIPRI), total global military expenditure reached $2.443 billion in 2023, an increase of 6.8 percent in real terms over the previous year.

According to a new report from the Stockholm International Peace Research Institute (SIPRI), global military spending witnessed the strongest increase in more than a decade in 2023, reaching a record high of $2.4 trillion.

The report emphasizes that the increase in military spending reflects growing geopolitical tensions and uncertainty worldwide. The $2.4 trillion expenditure represents a significant increase of 6.8 percent in real terms over the previous year, marking the highest annual increase since 2009.

The top ten spending countries in 2023, including the United States, China and Russia, all recorded significant increases in military spending.

In addition, military spending increased in all five SIPRI-defined geographic regions, with particularly large increases seen in Europe, Asia and Oceania, and the Middle East. In the Middle East, military spending saw the highest annual growth in the past decade, fueled by war and tensions in the region.

India, which was the fourth largest spender of military expenditure globally in 2023, allocated $83.6 billion to its military, marking a 4.2 percent increase from the previous year.

This reflects India’s commitment to enhance its defense capabilities in the face of evolving security challenges.

Military spending increased in all five SIPRI-defined geographic regions, with particularly large increases recorded in Europe, Asia and Oceania, and the Middle East.

The report indicates that the ten largest spenders by 2023, led by the United States, China and Russia, will all increase their military spending. The United States alone was responsible for the largest share of global military spending, spending $916 billion, or 38 percent of the global total.

China, the world’s second largest military spender, has allocated an estimated $296 billion to its military in 2023, marking the 29th consecutive year-on-year increase in its military spending. Chinese military spending accounted for half of total military spending in the Asia-Pacific region.

Russia’s military spending has increased by 24 percent to an estimated $109 billion in 2023, representing 16 percent of total government spending and an increase of 57 percent since 2014.

The report also highlights the significant growth in military spending in the Middle East, which increased by 9.0 percent to $200 billion in 2023. This growth, the highest annual rate in the region in the past decade, reflects the escalating tensions and conflicts in the Middle East. the region.

As geopolitical tensions continue to rise worldwide, countries are increasingly allocating resources to their militaries, reflecting a broader trend toward increasing militarization and strategic competition.

India’s substantial investments in defense indicate its readiness to address emerging threats and safeguard its national interests in an increasingly uncertain geopolitical landscape.

“The use of the military to quell gang violence has been a growing trend in the region for years, as governments are either unable to tackle the problem through conventional means or prefer immediate, often more violent responses,” says Diego Lopes da Silva, senior researcher at SIPRI Army. Spending and arms production program.

With military spending escalating globally, the trajectory of global security dynamics is likely to remain a central concern for policymakers in the coming years.

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