Trends in World Military Expenditure, 2022
Recently the Stockholm International Peace Research Institute (SIPRI) has released the ‘Trends in World Military Expenditure’ report, 2022.
SIPRI is an independent international institute based in Sweden. It is devoted to research in the fields of conflict, armaments, arms control and disarmament.
Key findings of report:
- The five largest military spenders in 2022 were the United States, China, Russia, India and Saudi Arabia. These countries account for 63% of the total global military expenditure.
- India was the world’s fourth largest spender in 2022, with military expenditure of US$81.4 billion.
- In the year 2022, the total global military expenditure was increased by 3.7 percent in real terms to reach a record high of US$ 2240 billion.
- This is 2.2 percent of the global GDP. Real terms refer to a value that has been adjusted to take into account the effects of inflation.
- Russia’s invasion of Ukraine was a major reason for the increase in military spending in 2022.
- Personnel expenditure (salaries and pensions) has been the largest expenditure category in the Indian military budget. It accounts for about 50 percent of the total military expenditure.
- India’s expenditure on capital outlay was 23% of total military expenditure in 2022.
- India’s defense exports are set to reach an all-time high of around Rs 16,000 crore in the financial year 2022-23.
- India has set an annual defense export target of Rs 35,000 crore by 2025.
- Major export products of India include Dornier-228, 155 mm Advanced Towed Artillery Guns (ATAG), BrahMos missiles, Akash missile system etc.
Government efforts to promote Defence exports –
Innovations For Defence Excellence (iDEX): Notification of three Open General Export Licenses (OGEL) for Make in India parts and components/ transfer of technology/ export of key platforms and equipment etc.
Source – SIPRI