A new report by the Centre for Financial Accountability (CFA), titled Profit and Genocide: Indian Investments in Israel, has sparked debate over the ethical implications of India’s growing economic and defence ties with Israel. The report claims that several Indian corporations and state-owned enterprises are directly or indirectly linked to sectors that support Israel’s military operations and settlements in Gaza and the West Bank. These investments include defence production, surveillance technologies, agriculture projects, and infrastructure initiatives that critics argue are being used in ways contributing to the humanitarian crisis in Palestine.
The report highlights key collaborations such as Adani-Elbit Advanced Systems India Ltd., based in Hyderabad, which manufactures Hermes 900 drones reportedly deployed in Gaza for surveillance and strikes. It also points to Adani Ports’ USD 1.18 billion acquisition of Haifa Port in 2022, supporting Israel’s naval logistics, and joint ventures of Bharat Electronics Limited (BEL) and Hindustan Aeronautics Limited (HAL) with Israel Aerospace Industries on missiles and drone systems. Furthermore, Tata Consultancy Services’ involvement in Project Nimbus, alongside Amazon and Microsoft, has drawn criticism for enabling large-scale surveillance of Palestinians. Beyond defence, Jain Irrigation’s irrigation systems for Israeli settlements and India’s collaboration with Mekorot, Israel’s national water company, have also been flagged as controversial.
The CFA report argues that these ties mark a sharp shift in India’s policy since it became the first non-Arab nation to recognise Palestine in 1988. With an estimated 65,000 deaths in Gaza since October 7, 2023—including over 20,000 children—the organisation calls on Indian firms and policymakers to reconsider their partnerships with Israel, warning that continued collaboration risks violating international law and humanitarian principles. CFA executive director Joe Athialy urged Indian corporations to suspend trade and business with Israel until the “genocide stops,” stressing that commercial profits should not come at the cost of human rights.
