According to a Swedish research institute SIPRI, global military spending rose in 2016 for the second consecutive year.
Stockholm International Peace Research Institute (SIPRI) said that global military expenditure totalled 1.69 trillion dollars last year. That’s a marginal increase of 0.4 percent over the last year’s spending.
The United States topped the list at 611 billion dollars, an increase of 1.7%. The growth in US military spending came after years of decline following its withdrawal from Afghanistan.
China came second at 215 billion dollars, up by 5.4%.
Indian Navy will use Russian Mig 29K for its naval aviation wing.
Russia became the 3rd largest spender as its military budget grew 5.9% to 69.2 billion dollars followed by Saudi Arabia which spent 63.7 billion dollars, a decrease of roughly 30% over the previous year.
India ranked at the fifth position with an annual spending of 55.9 billion dollars in 2016-17.
“The 10 countries with the highest military spending accounted for nearly three quarters (73%) of this total. These countries are the USA, China, Russia, Saudi Arabia, India, France, UK, Japan, Germany and South Korea,” claimed the report adding that US military spending is larger than the next 8 biggest military spenders combined.
