A new report published on Monday by the Stockholm International Peace Research Institute (SIPRI) indicates that India's defence expenditure in 2024 was almost nine times that of Pakistan, with the two countries facing increased tensions after the recent Pahalgam terror attack.
India's defence expenditure, the fifth highest in the world, increased by 1.6% to USD 86.1 billion. Pakistan spent USD 10.2 billion on the army, the Swedish think-tank said.
The report notes that the world's biggest defence spenders China, Russia, Germany, the US, and India collectively spent 60% of the total defence spending at a combined amount of USD 1,635 billion.
China proper's defence budget rose by 7.0%, to an estimated USD 314 billion. This is the 30th year in a row that China's defence expenditure rose. The communist country now represents half of all Asian and Oceanian defence expenditure, as it tries to modernize its military and develop its cyberwarfare and nuclear capabilities, according to SIPRI's "Trends in World Military Expenditure 2024" report.
Europe also experienced a record increase in defense spending, which increased by 17% to USD 693 billion and contributed heavily to the overall increase in world military spending in 2024. The conflict in Ukraine, which is into its third year, keeps propelling defense spending on the continent beyond Cold War levels.
SIPRI estimates Russia's military spending at USD 149 billion in 2024, a 38% increase from 2023 and twice the amount it spent in 2015. It accounts for 7.1% of Russia's GDP and 19% of overall Russian government expenditure.
Conversely, Ukraine's military expenditure increased by 2.9% to USD 64.7 billion, which is approximately half of what Russia allocated to the military. At 43% of GDP spent on defense spending, Ukraine now has the highest military burden in the world, according to the report.
“Russia significantly increased its military budget once again, expanding the gap in defense spending between itself and Ukraine,” said Diego Lopes da Silva, Senior Researcher at SIPRI’s Military Expenditure and Arms Production Programme. “Ukraine is allocating all of its tax revenues to its military, which makes it difficult for the country to continue increasing its defense budget given its tight fiscal situation,” he added.
A number of Central and Western European nations also recorded significant jumps in defense expenditures in 2024 largely owing to new spending pledges and massive procurement programs. Germany, for example, upped its defense expenditure by 28% to USD 88.5 billion, becoming the region's biggest spender and fourth largest spender globally.
Poland's defense spending also increased by 31% to USD 38.0 billion in 2024, which is equivalent to 4.2% of Poland's GDP, as per SIPRI.
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