WORLD MILITARY EXPENDITURE
Despite war and sanctions, Russia becomes a high-income economy
Despite Western sanctions over the Ukraine war, Russia has transitioned from an upper-middle to a high-income economy, according to the World Bank's latest rankings. Factors such as increased military activity, a rebound in trade and construction, and growth in the financial sector contributed to this shift. Consequently, Russia's Atlas GNI per capita rose by 11.2%.
Gold prices inch lower as US rate cut bets cool
Gold prices eased as traders reduced rate cut expectations by the U.S. Federal Reserve, awaiting U.S. inflation data this week.
"The world gained from a peace dividend after USSR’s decline— that calm is shrinking now...": Kenneth Rogoff
Kenneth Rogoff, former chief economist of the IMF and Maurits C. Boas Chair of International Economics at Harvard University, discusses the record rise in military expenditure worldwide. He argues that military spending is not good for growth or consumption because it is destructive. The US and Europe are facing pressures today due to Ukraine, the Middle East, and potentially Taiwan, but the defense budgets of the West are tuned to a different era. The US has not prepared its people for greater military expenditure, and voters are talking about universal income, increased transfers, more social spending, etc., but realistically, defense spending will need to increase.
China maintains defence budget growth despite economic travails
China's defence budget for 2024 increases by 7.2% to CNY 1.66554 trillion ($231.4 billion), prioritizing the People's Liberation Army (PLA). Premier Li Qiang aims to achieve Xin Jinping's goal of creating a modern military by 2027, with a focus on Taiwan and improving strategic capabilities.
China moved military forces in disregard of agreements: Jaishankar on border row in eastern Ladakh
India and China's rise is changing the world order, impacting the global geopolitical scenario. The relations between the two countries have faced disruptions due to China's military build-up. Efforts have been made to maintain equilibrium, but building infrastructure and protecting interests are crucial in this evolving relationship.
Unveiling India's Rs 6.21 lakh crore Defence budget with a dual focus on self-reliance and export boost
Finance Minister Nirmala Sitharaman has unveiled a staggering allocation of Rs 6.21 lakh crore for the Ministry of Defence during the Interim Budget presentation. This marks a 4.3% increase from the previous year, constituting 13.04% of the Union Budget. A key feature is the introduction of the DeepTech Initiative, focusing on cutting-edge technologies for defense. The budget breakdown includes allocations for capital expenditure, defense pensions, and defense services, with a strategic emphasis on digitization, modernization, and self-sufficiency in defense.
Sweeping Chinese military purge exposes weakness, could widen, says Analysts
China's top lawmakers ousted nine senior military officers from the national legislative body on Friday, state media reported, a step that typically precedes further punishment for wayward cadres. Many of these were from the Rocket Force - a key arm of the PLA overseeing tactical and nuclear missiles.
View: Being a growing global power means baring oneself to global crosswinds
2024 is likely to be a year where political risks eclipse hard economic risks. These go beyond the possibility of an escalation of tensions in Ukraine, or the Gaza conflict spreading to the larger Arab world. Elections are known to breed uncertainty, and a record 40 elections (in countries that represent a little over 40% of both global GDP and population) are due in 2024. I would keep an eye on three major elections, apart from our own general election:
Beijing has a grip on global battery manufacturing. Here are India’s alternatives
The world depends on China for batteries because of the country’s material processing and battery production capacity. The effort is on to reduce this grip.
Military Manufacturing: Prioritising Make in India
With a focus on self-reliance, large investment outlays in research and development, and a push towards setting up defence corridors, India is steadily transforming into a hub for defence production.
Cost of Russia's war in Ukraine: Blood, treasure and chaos
Russia's 2022 invasion of Ukraine has left tens of thousands of dead, displaced millions and sown economic turmoil across the world. The war has caused death on a level not seen in Europe since World War Two. From Feb. 24, 2022 to May 21, 2023, 8,895 civilians have been recorded as killed and 15,117 injured, according to the United Nations High Commissioner for Human Rights (OHCHR), which said it believed the actual figures were considerably higher.
India world's fourth largest defence spender in 2022, says report
India's defence spending has increased by around six per cent, making it the world's fourth largest military spender in 2022, according to a report by the Stockholm International Peace Research Institute. Around 23 per cent of India's total military spending is being used to fund equipment and infrastructure along its border with China where tensions continue.
Watchdog: World military spending up to an all-time high
The independent Swedish watchdog said that last year, the three largest arms spenders were the United States, China and Russia, who between them accounted for 56% of global expenditure. The rise "is a sign that we are living in an increasingly insecure world," said Nan Tian, a researcher with SIPRI's Military Expenditure and Arms Production Program.
Climate may not serve as a catalyst to dramatic change but could well act as a complicator, says Peter Frankopan
Historian Peter Frankopan has said climate change may not be the catalyst for major changes but could become a “complicator” adding to existing problems. Trade has been critically linked to climate throughout history, and Frankopan explains that past climate changes led to the formation of the world's great hydrocarbon basins of oil and gas, which have played a central role in the division of the Middle East and continued global conflicts. Climate can also have a significant impact on trade through impacts on crop production, chronic food shortages, famine, and the spread of disease.
Robust defence finance system backbone of strong military: Rajnath Singh
Reducing chances of corruption and wastage leads to positive public opinion due to the confidence that public money is being spent optimally and prudently and this increases the possibility of greater funding by the legislature, the defence minister said.
North Korea sustains high defence spending with new budget
State media reports indicated Kim didn't attend the Supreme People's Assembly's two-day session that ended on Wednesday. Pyongyang's official Korean Central News Agency didn't mention any comments by assembly members toward the United States or South Korea in Thursday's report on the meetings.
World military expenditure passes $2 trillion for 1st time; India in 3rd place: SIPRI
"The five largest spenders in 2021 were the United States, China, India, the United Kingdom and Russia, together accounting for 62 per cent of expenditure," SIPRI said in its latest report.
India third-largest military spender after the US and China
India’s annual military expenditure, of course, includes a huge pension bill for 33-lakh million veterans and defence civilians. In the 2021-2022 defence budget, for instance, the pension bill was Rs 1.15 lakh crore out of the total Rs 4.78 lakh crore outlay.
Global military spending rises 2.6% in 2020 despite COVID-19 pandemic hit
The five biggest spenders in 2020, which together accounted for 62% of military spending worldwide, were the United States, China, India, Russia and Britain in that order.
Load More
