Stockholm: India has emerged as one of the top five military spenders in 2017 with an expenditure of $63.9 billion (4.25 lakh crore) on military in 2017.
According to a report by Stockholm International Peace Research Institute (SIPRI) found India marked a 5.5% rise from the figures in 2016.
China made the biggest leap with an increase of 5.6%($12 billion) from 2016 and became the highest defence spender in Asia at $228 billion.
Military tension between India and China may have driven India’s defence expense, as indicated by Senior Researcher with the SIPRI AMEX programme, Siemon Wezeman.
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Wezeman said, “Tensions between China and many of its neighbours continue to drive the growth in military spending in Asia.”
The United States retained the top spot at $610 billion, with unchanged military expenditure between 2016 and 2017.
Saudi Arabia emerged as the third biggest spender in 2017 at $69.4 billion, an increase of 9.2% from 2016.
The report found a sharp drop in Russia’s military expenditure that dropped by 20% from 2016 to stand at $66.3 billion.
Overall, the global military expenditure showed a rising trend as a marginal increase of 1.1% in real terms from 2016, resulted in $1,739 billion expenditure in 2017.
“The increases in world military expenditure in recent years have been largely due to the substantial growth in spending by countries in Asia and Oceania and the Middle East, such as China, India and Saudi Arabia,” said Dr Nan Tian, Researcher with the SIPRI Arms and Military Expenditure (AMEX) programme.