Over the years, IIFT has expanded with campuses in Kolkata (established in 2005) and Dar-es-Salaam. It offers a two-year MBA (International Business) at New Delhi, Kolkata, and Dar-es-Salaam, a three-year part-time MBA (International Business) in New Delhi and Kolkata, and an Executive Masters in International Business in New Delhi. It also offers a certificate program in export management.
In an exclusive interview with MBAUniverse.com, recently appointed IIFT director Mr KT Chacko shared IIFT’s journey so far -- and plans ahead. An IAS officer with exposure on foreign trade prior to his current assignment, Mr Chacko was Director General of Foreign Trade (DGFT). Between 1997 and 2002, he functioned as executive director, India Trade Promotion Organization. He also had a three-year stint as resident director of India Investment Centre, Singapore, between 1989 and 1991.
Excerpts:
How do you see the journey of IIFT since 1963? What are the major milestones?
Today, companies are facing international competition for which mangers need to get exposed to international trade and business issues. IIFT was established when the government felt the need to provide quality education, training and research on issues related to international trade and business which can support decision-making of government and other stake holders like trade and industry.
With this there was a felt need of in-depth analysis and studies on areas like capacity building, small and medium sectors along with training the people involved in international negotiation.
IIFT sees capacity building in international trade as an important area of contribution.
We have expanded our reach to Kolkata and Dar-es-Salaam.
We have also moved into satellite-based management education with Hughes Directway and offer Executives Masters in International Business. Through VSAT technology, we reach 30 centers. We are using all possible means to reach out to the maximum number of students -- but without harming the quality of education. We have been very selective in choosing the students even for our VSAT. We would like to ensure that all those who go through the management education with IIFT have the requisite acumen and qualities to go through that program.
How is IIFT different from other quality B-schools?
I believe that in today’s world, a business management professional who does not understand international business management is handicapped irrespective of where and in what area he works in. To cater to this need, IIFT plays an important role. It is a B-schools with management training and added exposure of international business and trade. We are known for research and insights in the areas of international business and trade. At IIFT, we teach every thing that business management professionals should know like HR, marketing, finance, and our major focus is on international business management and trade.
How does the current wave of globalization, where Indian companies are going abroad to acquire international companies, help IIFT?
Indian businesses are now going global in a big way. Tatas recently acquired Corus, and there are many other Indian companies who are doing the same thing. So Indian companies are now fully participating in the globalization process. This environment offers IIFT some unique advantages.
Today’s business executives need to be equipped with understanding of international business and trade. IIFT offers that training and exposure. Therefore the vision and mission of IIFT is becoming even more relevant with every passing moment.
In these times of massive changes, how should management education keep pace?
Management education is a very dynamic field as the business world is very dynamic. Business management should evolve on a constant basis. As the business world changes rapidly, business education needs to remain relevant. It has to constantly observe and imbibe the changes. There is a need of updating from the knowledge base and learning from success stories and pitfalls. For example, the parameters and ways used in acquisitions and mergers two years ago are not the same today.
Moving on to the recently concluded admission process at IIFT, what kind of profile of students does IIFT look for?
We evaluate the capability and suitability of potential candidates though a multiple set of tests. IIFT has its own written exam, which is partly objective, and partly narrative. Then there is essay writing, group discussion and a personal interview. We assess the quality of thinking and the intellect of the candidates, which can enable them to grasp issue rationally and logically.
IIFT allocates 50% weightage on the written exam and 50% on GD, interview and essay writing.
Which are the areas in which IIFT needs to improve?
It is premature for me to make a comment on this topic because it has just been 2 or 3 months since I have taken over.
From my point of view, we look for improvement in every sphere because unless and until the institute is constantly updating its faculty and curriculum it will become redundant soon. We need to constantly challenge ourselves. To retain its excellence, IIFT has to constantly innovate and explore newer opportunities. Improvement has to be a sustained and ongoing process.
Any plans to expand?
Not at the movement. IIFT has already expanded to Dar-es-Salaam and Calcutta. So we need to consolidate now.
How do you see your transition -- from a senior government official to an academician?
I am very comfortable in my new role. IIFT is a good institution. I have been a teacher, although for a short while, before I joined the civil service. I have been participating in the foreign trade policy making for several decades, so the domain is very familiar.
I did my masters from Harvard in Applied Economics and started my career as an academician and as a teacher of Economics. I taught for two years in Kerala University. Then, I joined the civil service. Even in civil service, I fortunate enough to do things in the specialized areas of commerce and trade.
Of my 34 years of service, around 20 years were spent in implementing and making policies. I have been associated with the Ministry of Commerce for over 15 years. I have addressed and handled commerce-related issues from almost all angles. I was also looking after investment and trade promotion from the Asia Pacific region based in Singapore for three years.
At IIFT I will apply whatever I have learnt in my different roles.
