As global defence spending rises for the eighth consecutive year to reach an all-time high in 2022, China continues to spend nearly four times as much as India's defence budget, followed by the US with more than 10 times that amount. Russia has overtaken India over the past year as the third-largest military spender in the world.
According to the most recent information provided by think tank Stockholm International Peace Research Institute (SIPRI), global military spending increased by 3.7% in real terms to $2,240 billion in 2022, with Europe experiencing its steepest year-over-year increase in at least 30 years as a result of Russia's invasion of Ukraine.
The 10 largest military spenders are the US ($877 billion), China ($292 billion), Russia ($86. 4 billion), India ($81. 4 billion), Saudi Arabia ($75 billion), UK ($68. 5 billion), Germany ($55. 8 billion), France ($53. 6 billion), South Korea ($46. 4 billion) and Japan ($46 billion). While the figures for China and Russia are estimates due to lack of transparency, Ukraine is placed at 11th rank with $44 billion and Pakistan at 24th spot with $10. 3 billion.
“The continuous rise in global military expenditure in recent years is a sign that we are living in an increasingly insecure world. States are bolstering military strength in response to a deteriorating security environment, which they do not foresee improving in the near future,” SIPRI said.
While Pakistan continues to support cross-border terrorism, an aggressive and expansionist China poses a clear and present danger to India. But as previously reported by the media, India's defence budget for 2023–2024 is only 1. 97% of the estimated GDP, despite the fact that at least 2. 5% is needed.