In 2023, India maintained its rank as the fourth-largest global spender on military, allocating a substantial amount of US$ 83.6 billion for upgrading weapons and combat systems, as per the Stockholm International Peace Research Institute (SIPRI) report. The top three spenders on military spending were the United States (US), China, and Russia, respectively. This allocation marked a 4.2% increase in India’s military expenditure compared to 2022, showcasing the nation’s strategic commitment to bolstering its defense capabilities, particularly along the China border following the Ladakh standoff that commenced in May 2020. Investments were directed towards acquiring fighter jets, helicopters, warships, tanks, artillery guns, rockets, missiles, unmanned capabilities, and other combat systems.
India maintained its fourth position in 2022, with military spending amounting to US$ 81.4 billion, representing a notable 6% surge from 2021 and a substantial 47% rise since 2013. Globally, the total military expenditure reached US$ 2,443 billion in 2023, marking a notable 6.8% increase from the previous year, driven by ongoing conflicts, escalating tensions, and global insecurity. The United States experienced a 2.3% increase in military spending, totaling US$ 916 billion, while Russia witnessed a significant surge of 24% in its military expenditure, reaching an estimated US$ 109 billion, amidst the conflict with Ukraine.
