Bloomberg: India has joined the U.S. and China as one of the world’s five biggest military spenders, reflecting geopolitical tensions as well as the country’s reliance on imported weapons and sprawling personnel costs.
New Delhi’s defense spending rose by 5.5 percent to $63.9 billion in 2017 and has now passed France, the Stockholm International Peace Research Institute said in a report released Wednesday.
Worldwide military spending rose marginally last year to $1.73 trillion, or roughly 2.2 percent of global gross domestic product. The list of the world’s biggest military spenders has remained consistent in recent years, dominated by the U.S. and China, which spent $610 billion and $228 billion respectively, according to SIPRI, which researches global arms spending.
However, the balance of military spending is “clearly shifting” toward Asia, Oceania and the Middle East, driven largely by spending increases in China, India and Saudi Arabia, official said.