The prestigious Indian
Institute of Foreign Trade (IIFT) will have the third campus in the Andhra
Pradesh port town of Kakinada. The town has a large special economic zone, said
commerce minister Ms Nirmala Sitaraman.
The Minister made the
announcement while giving the 51stconvocation of the Indian Institute of Foreign
Trade, as the Chief Guest on July 28th at New Delhi. Commerce
Rita Teaotia who is also the, Chairman, IIFT, presided over the function.
Speaking on the occasion, Ms. Nirmala Sitharaman expressed her appreciation of IIFT
and of the young minds who join IIFT and undergo the academic rigors in their
pursuit of excellence. She expressed her pleasure that IIFT has expanded and it
is soon to set up its 3rd campus at Kakinada in Andhra Pradesh which
also has a large SEZ.
She pointed out that programs in international
business and trade are most relevant in today’s world. This is because though
the euphoria of globalization did benefit different economies initially but
gradually due to various reasons, economies found the gap between rich and poor
not narrowing and economic prosperity not increasing as expected which has led
to a tightening in the Global economy and increase in protectionism in
The Minister highlighted that while
global strategic and political interactions have been studied in depth, global
economic interactions need greater study and analysis, and that in this there
is immense scope for India to build its capacity. She emphasized the need for
building multi-disciplinary experts with knowledge of international business
trade, economics, and law to contribute to India’s world trade negotiations and
pointed out that IIFT students can contribute in this area by further building
on the knowledge and skills acquired at IIFT. She also invited suggestions from
the graduating students on the proposed Foreign Trade Policy 2015-20 which is
due to be released in September 2017.
The Minister also pointed to the
increasing importance of services which contributes 70% of GDP globally and
recommended that more research should focus on the trajectory that trade in
services is expected to take. She announced that India has presented a paper to
WTO, on formulation of a trade facilitation agreement for services.
Talking about the growing shortage of
good faculty for top Institutes like IIFT, Ms. Sitharaman suggested that cross
pollination between industry, government officials and academia should be
encouraged to bridge this gap.
Speaking on the occasion, Commerce
the graduating students and appreciated that IIFT has equipped them well with
both managerial skills and ethical values required to be successful managers
and business leaders. She emphasized that focus of higher education should be
on rewarding knowledge, education and research. Skill India, Start up India and
Digital India would play a key role in bridging the skill gap in the Indian
economy she said and pointed out that creation of new knowledge and effective
use of knowledge can be leveraged to allow traditional sectors to access wider
Director IIFT, Mr Binoy Kumar,
highlighted that IIFT is consistently ranked among the leading Business schools
in the Asia Pacific region. He was pleased to share that in 2016-17 IIFT placed
the largest ever batch of 258 students in companies across the world.
At the highest end 3 students crossed
a salary of Rs. 1 crore and 6 students got the salary of Rs. 75 lakh each.
Average compensation increased to Rs 18.4 lakhs p.a., with international placements
growing by 33 per cent this year.
He also shared the key achievements of IIFT
students and faculty in 2016-17 highlighting the awards won at the National and
International level, the research work being done in the area of trade and
policy and the expansion in training programmes for corporates. The Director
spoke about IIFT’s international collaborations and also shared that IIFT has
conducted 35 development programmes in 33 African Countries in the past few
years. The incubation centres at IIFT and Export facilitation centre in
Himachal Pradesh are key initiatives of the Institute to broaden the reach of
IIFT’s specialized expertise to a wider audience.
9 PhDs, 300 MBA degrees and 222
diplomas were awarded in the 51st Convocation of IIFT.