India’s 2019-2020 budget for the Ministry of Defense will be 8% higher at $60.9 billion. $42.7 billion is for the conventional defense budget. This is from an Institute for Defence Studies and Analyses (IDSA) report.
China’s military spending was about $228 billion in 2017 and is growing by 4 to 7% per year. China’s military spending will be about $250 billion in 2019.
South Korea and Japan will have military spending in the $40-60 billion per year range.
US Military Spending and US Arms Makers Dominate
In 2017, the arms sales of US companies grew by 2% to $226.6 billion. This was 57% of total Top 100 arms sales. Five US companies were listed in the top 10 in 2017.
Russian arms companies had 9.5% of the Top 100 total. In 2017, Russia was the second largest arms producer in the Top 100 in 2017. The United Kingdom was number two from 2002 to 2016.