New Delhi: A damning new report by the Centre for Financial Accountability (CFA) accuses major Indian corporations and state-backed enterprises of complicity in what the United Nations has officially recognized as genocide in Gaza. The report, titled “Profit & Genocide: Indian Investments in Israel”, argues that Indian corporate investments in Israeli defence, technology, infrastructure, and pharmaceutical sectors are entangled with what it calls Israel’s “economy of occupation and genocide.”
The report provides a sector-by-sector mapping of Indian business links to Israel, warning that India’s economic footprint is directly feeding into the military and settler-colonial apparatus that has devastated Palestinian lives.
Prominent Indian companies named include Adani Defence, Reliance Defence, Bharat Electronics Limited (BEL), Hindustan Aeronautics Ltd (HAL), Larsen & Toubro, Tata Group, Sun Pharmaceuticals, and Infosys, among others. The report says many of these entities are involved in joint ventures or investments with Israeli firms like Elbit Systems, Rafael, Israel Aerospace Industries (IAI), Mekorot Water Systems, and Phinergy – firms accused of supplying weaponry and technology used in Gaza.
From Solidarity to Silence: India’s Shift
The report traces India’s historical support for Palestine, rooted in the Non-Aligned Movement and anti-colonial solidarity. India was the first non-Arab country to recognize Palestine in 1988 and consistently voted against Israel’s occupation in the UN. But since 2014, under Prime Minister Narendra Modi, India has deepened military, technological, and corporate ties with Israel.
This realignment has coincided with India abstaining from critical UN resolutions on ceasefires and arms embargoes—even after the International Court of Justice (ICJ) ruled that Israel’s actions in Gaza amounted to genocide. The CFA warns that such moves risk making India complicit in war crimes under the Genocide Convention, to which it is a signatory. The report documented direct and indirect investments across sectors.
The Report Highlights:
Defence & Security
- Adani Defence partnered with Elbit Systems, which supplies 80% of weapons for Israel’s land forces and combat drones. Adani also acquired a major stake in Haifa Port, strategic to Israel’s navy and submarine fleet.
- Reliance Defence tied up with Rafael for missile systems, including Spike missiles used in Gaza. It also collaborated with Kalashnikov Israel.
- Bharat Electronics Ltd (BEL) and Hindustan Aeronautics Ltd (HAL) signed billion-dollar deals with Israel Aerospace Industries (IAI) for missile systems and drones deployed in Gaza.
- Larsen & Toubro (L&T) joined Rafael to co-produce the TROPHY active protection system for military vehicles, a technology battle-tested in Gaza.
Technology & Startups
- Tata Consultancy Services (TCS) is involved in Project Nimbus, a controversial cloud project accused of enabling Israeli surveillance of Palestinians.
- Infosys invested in Cloudyn, later acquired by Microsoft, whose Azure cloud services were used in military operations.
- Reliance Industries invested in the Jerusalem Innovation Incubator and Israeli firms like Airspan, Neolync, and Screenz for telecom and entertainment ventures.
- Ola Electric and Samvardhana Motherson invested in Israeli EV and battery technology companies.
Agriculture & Infrastructure
- Jain Irrigation invested in irrigation firms NaanDan and Rivulis, linked to settler-colonial water projects.
- Triveni Engineering partnered with Aqwise for water treatment, while Mekorot, Israel’s national water company, provided technical expertise for projects in India despite its role in controlling Palestinian water resources.
Pharmaceuticals & Health
- Sun Pharmaceuticals bought Taro Pharmaceutical in 2007.
- Reddy’s collaborated with Israeli biotech companies.
Finance & Labour
- State Bank of India opened its Israel branch in 2007 to facilitate investments.
- In 2023, India and Israel signed an agreement to send 42,000 Indian workers to replace Palestinian labour barred from entering Israel after the war began—effectively profiting from Palestinian displacement.
The CFA notes that while India was once a strong supporter of Palestine, recent years have seen a sharp tilt toward Israel, especially under Prime Minister Narendra Modi. This includes abstentions from key UN votes on ceasefires and arms embargoes, and continuing exports of arms and munitions even after international court rulings against Israel.
“Economy of Genocide”
The CFA draws on UN Special Rapporteur Francesca Albanese’s report, “From Economy of Occupation to Economy of Genocide”, to argue that corporate complicity doesn’t require intent. Merely providing financial or technological support to entities engaged in crimes against humanity can constitute liability.
The report calls India’s corporate engagements “blood-stained investments”, linking them to weapons used in bombings, surveillance systems deployed in Gaza, and infrastructure projects built on dispossession of Palestinians.
Civil Society Call for Accountability
The foreword, written by Prashant Bhushan, emphasises India’s legal obligation under international treaties to prevent genocide. “India cannot export arms or aid to Israel when there is a serious risk of these being used in war crimes. Corporate and state complicity in such acts cannot be brushed aside as commercial contracts,” he wrote.
CFA director Joe Athialy urged Indian citizens and civil society to question the corporations and government: “While Israel livestreams its war, India’s corporations are reaping profits from Gaza’s devastation. Silence is complicity.”
The report concludes that India’s corporate and state investments are entrenching Israel’s genocidal war economy. It warns that unless businesses and policymakers realign with principles of justice, India will be remembered as an enabler of one of the worst humanitarian crimes of the century.
As the war in Gaza continues, with tens of thousands of civilian deaths reported, the report concludes that India’s corporate investments risk placing the country “on the wrong side of history – complicit in sustaining an economy of genocide.”
