Indian companies have invested a whole bunch of thousands and thousands of {dollars} in Israeli firms throughout defence, expertise, and infrastructure sectors, at the same time as Israel’s navy marketing campaign in Gaza has drawn worldwide condemnation and allegations of genocide, in accordance with a brand new report by the Centre for Monetary Accountability.
The report, titled “Revenue & Genocide: Indian Investments in Israel,” was authored by Hajira Puthige and paperwork how main Indian conglomerates together with the Adani Group, Tata Group, Reliance Industries, and state-owned enterprises have important monetary stakes in Israeli companies immediately linked to the nation’s navy operations.
Among the many most vital investments detailed within the report:
- Adani Ports acquired a $1.18 billion stake in Israel’s Haifa Port in 2022, which serves as a base for Israel’s submarine fleet
- Adani Defence Programs partnered with Elbit Programs, which gives 80% of weapons for Israel’s land forces and 85% of fight drones for the air drive
- Bharat Electronics Restricted signed contracts price $3.4 billion with Israel Aerospace Industries for missile defence methods
- Solar Pharmaceutical Industries acquired Israeli drugmaker Taro Pharmaceutical for $454 million
The report argues these investments have embedded Indian capital inside Israel’s “economic system of occupation” at a time when worldwide authorized our bodies have accused Israel of genocide in Gaza. The UN’s Worldwide Courtroom of Justice has known as for Israel to finish its occupation of Palestinian territories, while the Worldwide Legal Courtroom has issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defence Minister Yoav Gallant.
“Indian companies might not make investments immediately in settlement-based initiatives, however the absence of clear demarcation in monetary and company preparations makes it tough to determine whether or not capital flows are confined to internationally recognised Israeli territory,” the report states.
The evaluation comes as bilateral commerce between India and Israel has grown from roughly $200 million in 1992 to $6.53 billion in 2024, with India accounting for an estimated 40-45% of Israel’s whole arms exports between 2016 and 2021.
A number of of the Israeli firms receiving Indian funding have been recognized by UN our bodies as working in occupied Palestinian territories. Mekorot, Israel’s nationwide water firm which acquired technical partnerships from Indian companies, has been accused of working water infrastructure at decreased capability in Gaza while sustaining a monopoly over Palestinian water provides.
The report notes that India’s shift from traditionally sturdy assist for Palestine to nearer ties with Israel accelerated underneath Prime Minister Narendra Modi’s authorities after 2014. This represents a big departure from India’s post-independence international coverage, which noticed the nation turn out to be the primary non-Arab nation to recognise the State of Palestine in 1988.
Eminent lawyer Prashant Bhushan, who wrote the report’s foreword, described the investments as probably violating India’s obligations underneath the Genocide Conference, noting that worldwide humanitarian regulation obliges states to not provide navy weapons to international locations responsible of struggle crimes.
The report’s introduction by Centre for Monetary Accountability director Joe Athialy emphasises the urgency of the findings: “Effectively-known Indian companies are additionally immediately or not directly complicit within the genocide by way of their continued associations with and investments in Israel. Whereas we increase our fists and banners in protest in opposition to this genocide, we should additionally doc and expose our complicity, connivance and profiteering for historical past to know.”
The creator argues that India’s company engagement with Israel contradicts the nation’s anti-colonial legacy and constitutional rules of justice and equality. Puthige factors to rising civil society protests inside India, together with demonstrations in opposition to the Tata Group and Reliance Industries over their Israeli connections.
The report requires Indian companies to undertake human rights due diligence in step with UN Guiding Ideas on Enterprise and Human Rights, and for the federal government to determine regulatory frameworks making certain moral investments.
“The argument that investments are impartial or purely business not holds in a worldwide context the place company complicity in human rights violations is underneath intense worldwide scrutiny,” the report concludes.
Indian authorities officers and the businesses talked about within the report haven’t but responded to the findings. Most of the investments documented occurred by way of joint ventures and partnerships that span a number of sectors from agriculture to synthetic intelligence.
The Centre for Monetary Accountability, which revealed the analysis, displays investments by nationwide and worldwide monetary establishments and campaigns for transparency within the banking sector.
The total report “Revenue & Genocide: Indian Investments in Israel” is on the market from the Centre for Monetary Accountability web site: https://www.cenfa.org/profit-genocide-indian-investments-in-israel/
