China and India in a real arms race as America spends wildly on anti-terror military hardware and software
Partha Sen
Jun. 11, 2007

The world has gone mad in wasting money on military hardware and software that become obsolete after a few years any way.

Global military spending, mainly driven by the US and its "war on terrorism", rose to a new high in 2006, with India the main military spender in South Asia, a peace institute said on Monday.

Last year, nations around the world spent $1,204 billion (current rates) in military expenditures or $184 per capita, said the Stockholm International Peace Research Institute (SIPRI).

While world poverty and number of malnourished children are skyrocketing, India, China and America are spending like crazy on military hardware and software.

The increase was 3.5 per cent in real terms on 2005 and 37 per cent on the 10-year-period 1997-2006, the SIPRI Yearbook said.

It said India remained the main military spender in South Asia, and China and India accounted for 40 per cent of the region's spending.

India and China were also the world's largest importers. Other large importers were Israel, Saudi Arabia, and the United Arab Emirates.

China surpassed Japan as the biggest military spender in Asia, and became the world's fourth largest military spender in 2006.

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