Israeli Prime Minister Benjamin Netanyahu 0n 17th Jauary, 2017 said that the $500-million Spike anti-tank guided missile deal between India and Israel, which had been scrapped earlier, was back on the table. India had opted out of buying the anti-tank guided missiles in December after the Defence Ministry decided to back the state-owned Defence Research and Development Organisation (DRDO) which promised to deliver a world-class missile within four years.
But the Army had been against being made to wait for DRDO-developed missiles, pointing that it would leave the Indian soldiers badly out-gunned till at least 2022. Spike is an Israeli fourth generation man-portable fire-and-forget anti-tank guided missile and anti-personnel missile with a tandem-charge HEAT warhead, developed and designed by the Israeli company Rafael Advanced Defense Systems.
India announced its recognition of Israel on September 17, 1950. Soon thereafter, the Jewish Agency established an immigration office in Bombay. This was later converted into a Trade Office and subsequently a Consulate. Embassies were opened in 1992 when full diplomatic relations were established.
In February 2014, India and Israel signed three important agreements on Mutual Legal Assistance in Criminal Matters, Cooperation in Homeland Security, and Protection of Classified Material. The first meeting of the Joint Steering Committee set up under the agreement on Homeland Security was held in Israel in September 2014. Israeli companies have invested in India in renewable energy, telecom, real estate, water technologies etc and are also setting up R&D centres or production units in India.