Indian Institute of Foreign Trade
Overview
The Indian Institute of Foreign Trade (IIFT) is a premier business school in India, established in 1963 by the Government of India. It was set up as an autonomous organization to help professionalize the country's foreign trade management and increase exports by developing human resources, analyzing and disseminating data, and conducting research. Over the years, IIFT has evolved into a leading institution offering a range of programs in international business and trade.
History and Establishment
The inception of IIFT was part of India's strategy to enhance its foreign trade capabilities post-independence. The institute was established under the Ministry of Commerce and Industry, Government of India, with the aim of providing the much-needed training and research in international trade. Initially, the focus was on training government officials and executives from the industry in the nuances of international trade and business.
Academic Programs
IIFT offers a variety of programs catering to the needs of students and professionals interested in international business. The flagship program is the Master of Business Administration (MBA) in International Business, which is a highly sought-after course in India and abroad. The curriculum is designed to provide a comprehensive understanding of the global business environment, trade policies, and international marketing strategies.
Other programs include Executive Post Graduate Diploma in International Business (EPGDIB), Certificate Program in Export Management, and various short-term courses tailored for specific sectors. The institute also offers a Ph.D. program for those interested in pursuing research in international trade and business.
Research and Consultancy
Research is a core component of IIFT's activities. The institute has a dedicated research division that focuses on various aspects of international trade, including trade policy, export-import management, and global supply chain management. IIFT regularly publishes research papers, policy briefs, and reports that contribute to the academic and policy discourse on international trade.
The consultancy services offered by IIFT are aimed at assisting businesses and government agencies in formulating strategies for enhancing trade performance. The institute has undertaken numerous consultancy projects for international organizations such as the World Trade Organization (WTO), United Nations Conference on Trade and Development (UNCTAD), and various ministries of the Government of India.
Campus and Facilities
IIFT's main campus is located in New Delhi, with a secondary campus in Kolkata. The campuses are equipped with state-of-the-art facilities, including modern classrooms, a well-stocked library, computer labs, and conference rooms. The New Delhi campus also houses the Centre for Trade and Investment Law (CTIL), which provides legal research and capacity-building support on trade and investment issues.
International Collaborations
IIFT has established partnerships with several international institutions to promote academic exchange and collaborative research. These collaborations include student and faculty exchange programs, joint research projects, and international conferences. Partner institutions include the International University of Japan, Grenoble School of Management in France, and the University of International Business and Economics in China.
Alumni Network
The alumni of IIFT are spread across the globe, holding key positions in multinational corporations, government agencies, and international organizations. The institute has an active alumni association that organizes networking events, seminars, and mentorship programs for current students. The strong alumni network is a testament to the institute's impact on the global business community.
Admission Process
Admission to IIFT's programs is highly competitive. The selection process for the MBA in International Business involves a rigorous entrance exam, followed by group discussions, writing skills assessments, and personal interviews. The entrance exam tests candidates on quantitative ability, verbal ability, logical reasoning, and general awareness.
Contributions to Policy and Trade Development
IIFT has played a significant role in shaping India's trade policy and development strategies. The institute's research and consultancy projects have provided valuable insights into trade negotiations, export promotion, and market access issues. IIFT's faculty members are often involved in policy formulation and advisory roles for the government.
Future Directions
As global trade dynamics continue to evolve, IIFT is committed to expanding its academic offerings and research initiatives to address emerging challenges in international business. The institute aims to enhance its global footprint through strategic partnerships and by leveraging technology to deliver cutting-edge education and training.