Countries of the world spend the most money in this sector, India among the top five

NEW DELHI: Military spending among the world's countries has seen the highest increase in the last ten years. In the context of increasing conflicts between countries, military spending is also rising in parallel. As military requirements escalate, the amount of money set aside by countries for this purpose is now at an all-time high of $2.4 trillion.

According to a new report by the Stockholm International Peace Research Institute (SIPRI), military spending has increased worldwide, with significant rises in Europe, the Middle East, and Asia. "Total military spending is at an all-time high. For the first time since 2009, spending has increased in all five sectors," stated Nan Tian, a senior researcher at SIPRI, speaking to AFP news agency.

The top spenders are America, China, Russia, India, and Saudi Arabia, respectively. Tian noted that the ongoing conflict in Ukraine has led to increased spending by Ukraine, Russia, and European countries. Ukraine's military spending rose 51 percent to $64.8 billion, with the country also receiving $35 billion in military aid, most of which came from the United States.

India, the world's fourth-largest military spender, increased its spending by 4.3 percent to 83.6 billion dollars. Neighbouring China has also significantly increased its military spending. China has raised its military spending for the 29th consecutive year, with a six percent increase to 296 billion dollar compared to the previous year.