India, with an expenditure of $55.9 billion per year has been ranked 5th in the list of countries who spend the most on their armed forces, according to a report by Forbes.
India, with an expenditure of $55.9 billion per year has been ranked 5th in the list of countries who spend the most on their armed forces, according to a report by Forbes. The survey by the Stockholm International Peace Research Institute (SIPRI) revealed that global defence expenditure has increased for the first time since 2011. To sum it all up, countries all over the world spent $1.686 trillion on their army, arms and ammunitions in 2016. This is an increase of 04% from 2015. The United States of America maintained top spot on the charts in 2016 with $611 billion. The United States’ expenditure is 36% of the entire world’s expenditure and 3 times the amount spent by China, which comes second on the list.
Russia meanwhile is reported to have improved its spendings by 5.9%, reaching $69.2 billion and sits comfortably at the third spot. Russia replaced Saudi Arabia from the 3rd spot, which it had been ranked on in 2015. Saudi Arabia has come down one spot to the 4th position despite its significant role in the border conflict in Yemen, according to Forbes. The report also states that Russia had increased their military spending in the Western Europe with the overall spending increasing 2.4%. Italy meanwhile had the most sizable increase in their expenditure in the region with an increase of 11% to reach $28 billion.
According to a report by Hindustan Times, India had increased its defence allocation for 2017-18 by 6% to Rs 2.74 lakh crore. This amount included the Rs 84,488 crore to be used for the modernisation of the arms. India’s military expenditure had seen an average annual growth of 10% in the last 3 years. The Indian forces are reported to be negotiating talks with the Rafale fighter jets, Apache, Chinook and Kamov helicopters and the M-777 lightweight howitzers.