Indian corporations and state-owned enterprises are playing a significant role in sustaining Israel’s war economy in Gaza through investments and partnerships across multiple sectors, according to a new report released by Centre for Financial Accountability (CFA).
The report, Profit and Genocide: Indian Investments in Israel, says Indian companies are tied to Israeli defence production, surveillance technology, agricultural projects, and infrastructure that are central to Israel’s ongoing military operations in Gaza and its settlement enterprise in the West Bank and Golan Heights.
Earlier this month, Senior independent rights investigators appointed by the Human Rights Council confirmed that Israel’s actions in Gaza constitute genocide, stating there is a clear intent to destroy Palestinians through acts that meet the criteria outlined in the Genocide Convention.
They asserted that the duty to prevent and punish genocide applies not only to the responsible State but to all States Parties to the Genocide Convention and indeed to all States under customary international law.
The CFA report also highlights the growing two-way trade and investment between New Delhi and Tel Aviv, noting that India’s government signed a Bilateral Investment Treaty with Israel earlier this month, even as international criticism mounts over the scale of civilian deaths and destruction in Gaza.
According to the CFA report, India accounted for 40–45% of Israel’s total arms exports between 2016 and 2021, making it one of Israel’s largest defence customers.
Among the most prominent examples, the report cites Adani-Elbit Advanced Systems India Ltd., a joint venture based in Hyderabad that manufactures Hermes 900 drones. These unmanned aerial vehicles have been used extensively in Gaza for surveillance and targeted strikes, the report stated.
Adani Ports’ $1.18 billion purchase of Haifa port in 2022 is another key connection. Haifa is Israel’s busiest commercial harbour and also serves as a base for the Israeli Navy’s submarine fleet, which supports military logistics.
The report links major Indian technology firms, including Tata Consultancy Services, Infosys and Reliance Jio, to Israeli digital infrastructure projects. TCS has been associated with Project Nimbus, a cloud-computing initiative involving Amazon and Microsoft that has drawn international criticism for enabling mass surveillance and predictive policing of Palestinians.
“These partnerships go beyond ordinary commerce,” the report argues. “They actively contribute to systems of surveillance, repression and displacement.”
The CFA highlights the role of Indian agribusinesses in supporting Israeli settlements, which are considered illegal under international law. Jain Irrigation’s subsidiary NaanDanJain supplies drip irrigation and water systems to settlements in the West Bank and Golan Heights.
In 2022, Jain merged part of its global irrigation business with Rivulis, a firm owned by First Israel Mezzanine Investors Ltd., a private equity fund with links to Israel’s defence and prison industries.
The report also points to India’s partnership with Mekorot, Israel’s national water company. Mekorot has been accused by rights groups of “weaponising water” in Gaza by cutting or restricting supply, depriving civilians of safe drinking water. In India, Mekorot has worked on water projects in states such as Karnataka.
The report notes that in 2023, some 42,000 Indian construction and nursing workers were recruited to Israel after Palestinian work permits were suspended. Labour advocates argue that the recruitment filled a gap once central to the Palestinian economy, effectively deepening Palestinian displacement while tying Indian workers to Israel’s labour market.
The CFA says the findings expose a contradiction between India’s historic support for the Palestinian cause and its growing role as a key economic and defence partner of Israel.
“As Israel’s attacks on Palestinian territories escalated to genocide near the two-year mark, it is imperative to address the role of silent enablers,” said Hajira Puthige, the author of the report. “Despite growing war crimes and global condemnation, bilateral trade and military cooperation between the countries have not only persisted but intensified.”
Joe Athialy, executive director of the CFA, said the humanitarian toll in Gaza underscores the urgency of reevaluating India’s role. “Latest estimates put the death toll at over 65,000, including more than 20,000 children,” he said. “Indian government and corporations can no longer ignore the ongoing war against humanity and should stop any business or trade with Israel until the genocide is stopped.”
India, historically a vocal supporter of Palestinian self-determination, has in recent years deepened security, technology and trade ties with Israel, making it one of Tel Aviv’s most important partners outside the West.
The CFA report concludes that Indian corporations are not passive actors but “active participants in an economy sustained on occupation and conflict,” urging both policymakers and businesses to realign with principles of international law and humanitarian justice.
“If India is to retain its credibility in the Global South, historically rooted in solidarity with the oppressed class, including the anti-apartheid movement in South Africa, it needs to reconsider its strategic interests over complicity in Israel’s settler-colonial regime,” the report concludes.
“Anything less would confirm that profit and power have taken precedence over justice and humanity. By inculcating ethics and constitutional principles into its economic diplomacy, India can reaffirm its identity as a nation that once stood at the forefront of anticolonial struggle and continues to uphold justice in international relations,” it added.
This article was originally published in Counterview, and you can read here.
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