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India Defence Spend 2024
Context
The Stockholm International Peace Research Institute (SIPRI) released its Trends in World Military Expenditure 2024 report, highlighting the global military spending landscape, with a focus on the increase in military budgets due to geopolitical tensions, ongoing conflicts, and modernization programs.
Key Highlights from the Report
- India vs. Pakistan Military Spending (2024):
- India's military expenditure reached USD 86.1 billion, representing the 5th largest globally, marking a 6% increase from the previous year.
- Pakistan's military expenditure was much lower at USD 10.2 billion, making it almost nine times less than India's spending.
- This stark contrast in military spending underscores the growing strategic imbalance between the two nuclear-armed neighbors.
- Global Military Expenditure:
- The top five military spenders in the world—United States, China, Russia, Germany, and India—accounted for 60% of total global military spending, totaling USD 1,635 billion.
- China's spending increased by 7% to USD 314 billion, reflecting continued military modernization and expansion of its nuclear and cyber capabilities.
- Russia's military spending surged by 38% to USD 149 billion, driven largely by its ongoing war in Ukraine.
- Germany's military spending jumped by 28% to USD 88.5 billion, marking it as the 4th largest spender
- Europe's Rising Military Spending:
- Europe's military expenditure rose 17% in 2024, driven largely by the war in Ukraine. European military spending has now surpassed Cold War levels.
- Germany, as the largest spender in Europe, has significantly increased its budget, signaling its commitment to NATO and regional defense.
- Other European nations like Poland saw 31% growth, with military spending reaching USD 38 billion (4.2% of its GDP).
- Ukraine's Military Burden:
- Ukraine's military expenditure grew by 9% to USD 64.7 billion in 2024, making up 43% of Russia's military budget. It has the highest military burden, with military expenditure accounting for 34% of its GDP.
- Ukraine’s military spending is disproportionately high due to the ongoing conflict with Russia, with the country reportedly spending nearly all of its tax revenue on defense.
- Global Military Trends:
- The overall increase in global military spending in 2024 was largely driven by the war in Ukraine, NATO's defense initiatives, and the ongoing arms race in Asia.
- Russia’s military spending increase was a response to its conflict with Ukraine, and China continues to modernize its forces, including its naval and cyber capabilities.
- Military expenditures in central and eastern Europe saw substantial increases, with Poland and Germany among the biggest contributors to the rise in European defense budgets.
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