By Shashikant Nishant Sharma
The Indian Institute of Foreign Trade (IIFT) was established in 1963 by the Government of India with the objective of contributing to the country’s foreign trade management and increasing exports by developing human resources, providing research-based consultancy, and conducting research. The institute was initially set up in collaboration with the United Nations Conference on Trade and Development (UNCTAD) and was located in Delhi’s Qutub Institutional Area.
The first Director of IIFT was R.K. Gupta, who played a crucial role in establishing the institute’s foundation. Under his leadership, IIFT evolved from a think tank to a recognized center of excellence in international trade and business. Over the years, IIFT has diversified its activities from conducting training programs for Indian Trade Service officers to offering various programs in international business management, trade research, and analysis.
In the initial years, IIFT functioned as an autonomous organization under the Ministry of Commerce and Industry, Government of India. In 1983, IIFT was declared a deemed university under Section 3 of the University Grants Commission (UGC) Act, 1956. The institute was granted the status of a deemed university in recognition of its significant contributions to the field of foreign trade management and research.
The Indian Institute of Foreign Trade (IIFT) in New Delhi celebrated its 60th Foundation Day, which also marked its Diamond Jubilee. During the occasion, Prof. Satinder Bhatia, the Vice-Chancellor of IIFT, paid tribute to the institute’s founding Director General, Late Shri HD Shourie, who laid the foundation of IIFT with the motto “Excellence is a way of life.” She regarded him as a father figure to IIFTians.
Prof. Bhatia emphasized the need to recognize those who have contributed to IIFT’s growth and its status among the top B-schools in India. She mentioned the academic and administrative improvements made at IIFT’s Delhi and Kolkata campuses and expressed confidence in the newly inaugurated Kakinada campus’s potential for excellence. Prof. Bhatia also mentioned IIFT’s collaborations and partnerships, which help the institute continue in the direction of its vision and mission, and make it an attractive destination for industries, students, and other stakeholders.
Since its establishment in 1963, IIFT has evolved from a think tank to a leading repository of knowledge in international trade, besides being India’s premier business school. It has achieved many milestones, including AACSB accreditation and consistent rankings among the top business schools. IIFT has also diversified its role and offers innovative programs to enhance the skills of business professionals. Moreover, IIFT’s growth rate in the first two decades of the new millennium has been phenomenal. In addition, the institute’s campus in GIFT City, Gujarat, will be operational from July 2023.
IIFT has come a long way since its inception and has established itself as one of the leading business schools in India, specializing in international trade and business. It has expanded its operations by establishing campuses in Kolkata and Kakinada, and plans to open a campus in Gujarat’s GIFT City in July 2023. IIFT has also received accreditation from various global accreditation bodies, including AACSB, which is a testament to its commitment to academic excellence.
Today, IIFT continues to provide research-based consultancy services, conduct training programs, and offer various academic programs in the field of international business management and research. Its alumni network includes prominent business leaders, entrepreneurs, and policymakers, who have made significant contributions to the development of the country’s foreign trade and business sectors.
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