Global military spending reached a staggering $2,443 billion in 2023, marking a significant 6.8 per cent increase from the previous year, according to the latest data from the Stockholm International Peace Research Institute (SIPRI). This surge in military expenditure is the most significant year-on-year rise since 2009 and has pushed the average military spending per person to the highest level since 1990, at $306.
The primary drivers behind this increase in military spending are the ongoing conflict in Ukraine and rising tensions in regions like Asia, Oceania, and the Middle East, as highlighted in the SIPRI report. The world’s five largest military spenders in 2023 were the United States, China, Russia, India, and Saudi Arabia, collectively constituting 61 per cent of global military spending.
Notably, Russia’s military spending surged by 24 per cent in 2023, reaching an estimated $109 billion, equivalent to 5.9 per cent of Russia’s GDP. Ukraine also emerged as the eighth largest military spender in 2023, increasing its defence expenditure by 51 per cent to $64.8 billion, accounting for 37 per cent of its GDP.
India, ranking fourth globally in military expenditure in 2023, spent a total of $83.6 billion, marking a 4.2 per cent increase from the previous year. This increase aligns with the government’s focus on enhancing the operational readiness of the armed forces, particularly amidst ongoing tensions with neighbouring countries like China and Pakistan.
Despite the rise in overall spending, capital outlays for military procurement remained consistent, with approximately 75 per cent of procurement funds allocated to domestically produced equipment, the highest level ever recorded. This underscores the government’s commitment to bolstering the country’s defence capabilities and reducing reliance on foreign imports.