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Chennai, Aug 28 (ANI): Defence Minister Rajnath Singh on August 28 said the demand for military equipment is increasing continuously and by 2023 the expenditure on security around the world is going to reach US$ 2.1 trillion. "Reports suggest that in the next 1-2 yrs i.e. by 2023, expenditure on security around the world is going to reach US$ 2.1 trillion. Most of the countries don't even have this level of budget for a whole year and it is expected to increase manifold in the next 5 yrs," said Defence Minister while attending the commissioning ceremony of the Indian Coast Guard (ICG)'s offshore patrol vessel (OPV) Vigraha in Chennai.