India is now the world's fifth-largest military spender
On the list of the world's largest spenders on defence in 2016, India can be found occupying the fifth spot. The overall global military expenditure has increased for a second consecutive year with around $1,168 billion being spent on defence. At $55.9 billion, India's military expenditure increased by around 8.5 percent in 2016. The figures have been released by the Stockholm International Peace Research Institute (SIPRI) on April 24, 2017.
With a total expenditure of $611 billion, the USA is the largest military spender. The growth rate observed in the US between 2015 and 2016 was 1.7 percent. In 2016, the US spent 20 percent less than the peak observed in 2010.
China is the world's second largest military spender with an expenditure of $215 billion. According to Hindustan Times, the report said that the growth rate observed in China was much lower than in previous years, with an increase in military expenditure by 5.4 percent.
The third largest spender was Saudi Arabia in 2015 but dropped to the fourth position in 2016. Despite continued involvement in regional wars, its spending reduced by 30 percent in 2016 to $63.7 billion. The third largest spender in 2016 is Russia with an expenditure of $69.2 billion. Russia's military spending has increased by 5.9 percent.
The other countries included in the top 15 spenders are South Korea, Japan, and Australia. With an expenditure of $9.93 billion, Pakistan does not feature in the top 15 list.
In 2016, 2.2 percent of the worldwide Gross Domestic Product (GDP) was accounted for by global military spending. The military spending to GDP ratio was highest in the Middle East with a six percent average.
According to Business Today, the report said,
The growth in US military expenditure in 2016 may signal the end of a trend of decreases in spending, which resulted from the economic crisis and the withdrawal of US troops from Afghanistan and Iraq.