A new report by the advocacy group Centre for Financial Accountability (CFA) has alleged that Indian corporations, both private and state-owned, are entwined with Israel’s economy of occupation and military campaigns in Gaza. Titled Profit and Genocide: Indian Investments in Israel, the report highlights the role of Indian capital in sectors ranging from defense and technology to agriculture and infrastructure, directly linking it to activities described as sustaining Israel’s military operations and settler-colonial practices.
The report also underscores Israel’s investments in India, noting that bilateral trade ties have continued and even strengthened during the ongoing conflict. Earlier this month, the Indian government signed a Bilateral Investment Treaty (BIT) with Israel, which the CFA says signals tacit complicity in the violence against Palestinians.
Among the key findings, India accounted for 40–45% of Israel’s total arms exports between 2016 and 2021, making it one of Israel’s largest defense clients. Adani-Elbit Advanced Systems India Ltd in Hyderabad manufactures the Hermes 900 drone, reportedly used by the Israeli military in Gaza for surveillance and targeted strikes. Adani Ports’ $1.18 billion acquisition of Haifa links Indian capital to Israel’s naval and military logistics, including its submarine fleet.
Indian technology giants such as Tata Consultancy Services (TCS), Infosys, and Reliance Jio are tied to Israeli digital infrastructure. TCS, for example, is involved in Project Nimbus, a cloud initiative that critics say enables mass surveillance and predictive policing of Palestinians. In agriculture, Jain Irrigation’s subsidiary NaanDanJain supplies irrigation systems to Israeli settlements in the West Bank and Golan Heights. The company has also merged parts of its business with Rivulis, linked to Israel’s military and prison industries.
The report details collaboration in water projects, including Indian partnerships with Mekorot, Israel’s national water company, accused of weaponizing water in Gaza. In 2023, about 42,000 Indian construction and nursing workers were recruited to Israel, filling jobs previously held by Palestinians amid suspension of Palestinian work permits.
Hajira Puthige, author of the report, emphasized the urgency of addressing India’s economic entanglements with Israel, stating that these investments “indirectly sustain and legitimize violence against civilians” and reveal “troubling complicity that undermines global calls for accountability and peace.”
Joe Athialy, Executive Director of CFA, noted that over 65,000 people have been killed in Gaza since the conflict escalated, including more than 20,000 children. “Indian government and Indian corporations can no longer ignore the ongoing war against humanity and should stop any business or trade with Israel until the genocide is stopped,” he said.
The report calls on Indian policymakers and corporations to reassess their partnerships with Israel and align with principles of justice, humanity, and international law.
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