China is set to increase its defense budget by 7.1% in 2022-23, bringing the total to $229 billion. This is an increase from the $212 billion budget in 2021-22. The announcement was made by the Chinese Premier on Saturday, and he stated that the increase is a message of the strength of the Chinese army. After America, China has now become the country that spends the largest defense budget in the world.
America is at number one in terms of spending on defense
US President Joe Biden approved a defense budget of $768.2 billion for the year 2022. This budget included a provision of $7.1 billion to run the campaign in the Indo-Pacific region. The budget emphasized technologies important for national security, like state-of-the-art technologies such as hypersonic weapons, artificial intelligence, 5G, and quantum computing.
Russia ranks third in the world in terms of its defense spending.
According to the Stockholm International Peace Research Institute, Russia’s military budget in 2020 was the third-largest in the world after China and the US.
This year, India has increased its defense budget by about 10 percent as compared to 2021-22. The total military budget for this year, 2022-23, is about 5.25 lakh crores. Last year, 2021-22, the total military budget was 4.78 lakh crores.
A lot of money has been spent on research in India.
The government has announced that for the first time, 25 percent of the Defense Budget will be allocated to private industry in Defense Research and Development (R&D). This is with the intention of promoting indigenous industries and educational institutions.
ALSO READ
Telangana: A woman who has already traveled 1,400 km to save her son awaits his return from Ukraine
Is Covid-19 4th wave Dangerous or not, know details here
Watch: PM Modi Enjoy Chai At a Tea Stall During his Roadshow in Varanasi, video goes viral
