A new report released by the Centre for Financial Accountability (CFA) has raised serious questions about the role of Indian corporations and the Indian government in supporting Israelās military and occupation economy. The study, titledĀ Profit and Genocide: Indian Investments in Israel, claims that both state-owned and private companies in India are not just commercial partners but active participants in what the report describes as Israelās āeconomy of occupation and genocideā.
The report argues that Indian capital, through multiple sectors such as defence, technology, agriculture, labour and infrastructure, is directly sustaining Israelās military campaigns, settler-colonial practices, and systematic violence against Palestinians. It also points out that Israeli investments in India have continued to grow, reflecting what it calls a mutually reinforcing trade relationship that has persisted and even expanded during the peak of Israelās assault on Gaza.
According to the findings, India has emerged as one of the biggest clients of Israeli defence exports, accounting for 40 to 45 per cent of Israelās total arms exports between 2016 and 2021. Among the major corporations named in the report is Adani-Elbit Advanced Systems India Ltd, based in Hyderabad, which manufactures the Hermes 900 Medium Altitude Long Endurance drone. This drone has been deployed by the Israeli military in Gaza for surveillance operations and targeted strikes. The report also highlights Adani Portsā acquisition of Israelās Haifa Port for $1.18 billion, calling it a direct link between Indian capital and Israelās naval and military logistics. Haifa, while being Israelās busiest commercial port, also functions as a base for the Israeli Navyās submarine fleet, which is critical to the countryās military strategy.
The report further accuses Indian technology giants of aiding Israeli digital infrastructure. Tata Consultancy Services (TCS), Infosys, and Reliance Jio were named for their roles in supporting technological projects in Israel. TCS has been linked to Project Nimbus, a controversial cloud computing initiative involving Amazon and Microsoft. Project Nimbus has faced widespread criticism for enabling mass surveillance, data control, and predictive policing targeted at Palestinians.
Agriculture, too, forms a part of this economic entanglement. Jain Irrigationās subsidiary, NaanDanJain, supplies drip irrigation systems to Israeli settlements in the West Bank and the occupied Golan Heights, both of which are considered illegal under international law. The report also notes that in 2022, Jain Irrigation merged part of its global business with Rivulis, a company owned by FIMI (First Israel Mezzanine Investors Ltd.), which has links to Israelās military and prison industries.
Another controversial collaboration is Indiaās partnership with Mekorot, Israelās national water company. Mekorot has been accused of weaponising water in Gaza by deliberately reducing pipeline flows and depriving civilians of access to clean drinking water. Despite these allegations, Mekorot has been engaged in several Indian projects, including water management programmes in states such as Karnataka.
The report also points to the large-scale recruitment of Indian workers in Israel in 2023. With the suspension of Palestinian work permits, around 42,000 Indian construction and nursing workers were hired to fill the gap in Israelās labour force. The CFA argues that this recruitment not only served Israelās domestic economy but also undermined the Palestinian workforce, which was once central to Israelās construction sector.
The release of this report comes shortly after the Government of India signed a Bilateral Investment Treaty (BIT) with Israel earlier this month. According to the CFA, this move sends a clear signal of Indiaās complicity in Israelās military occupation, ethnic cleansing, and what the report repeatedly refers to as genocide in Gaza.
Author of the report, Hajira Puthige, underlined the urgency of recognising the role of Indian corporations in perpetuating violence. She said, āAs the attacks on Palestinian territories by Israel escalated to genocide, near the two-year mark, it is imperative to address the role of silent enablers. The research into Indian investments in Israel revealed that despite growing war crimes and global condemnation of the genocide, bilateral trade and military cooperation between the countries have not only persisted but intensified amid mounting war crimes and international condemnation of the genocide. Indian corporations continue to make significant investments in the Israeli defence, pharmaceutical, and technology sectors, among others. Though such economic entanglements portray an image of business as usual, they indirectly sustain and legitimize violence against civilians, while reflecting a troubling complicity that undermines global calls for accountability and peace.ā
The CFA has framed the issue as a moral contradiction for India, pointing out the paradox between Indiaās historic support for Palestine at international forums and the growing role of its corporations in financing and enabling Israelās conflict economy. The report warns that unless Indian policymakers and companies reassess their partnerships, history will record Indiaās role as complicit in atrocities committed against Palestinians.
Echoing the urgency of the report, Joe Athialy, Executive Director of the Centre for Financial Accountability, drew attention to the human cost of Israelās campaign in Gaza. He said, āLatest estimate of people killed in Gaza are over 65,000 of which over 20,000 are children. While they are victims of targeted killings (civilians made up 15 of every 16 people killed by Israel in Gaza since March), they are also victims of starvation and denial of water. 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.ā
The CFA report paints a grim picture of how economic interests have overshadowed humanitarian considerations. By tracing financial and industrial links between Indian companies and Israelās war economy, the findings call for a serious rethink in Indiaās foreign policy and corporate strategies. The report urges both the government and private sector to realign their priorities with principles of humanity, justice, and international law, warning that failure to do so risks cementing Indiaās place on the wrong side of history.
This article was originally published in Vartha Bharati, and you can readĀ here.
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