"India is increasingly getting integrated with the world economy. Over the years, our industry and services sectors have modernized and diversified in an unprecedented manner,"he said at the golden jubilee of the premier institute.
Singh said India is emerging as a global centre for information technology, R&D and innovation. and the financial sector and capital markets have also modernised.
In this scenario, the Prime Minister said the demand for professionals in international trade and business is also expected to grow and institutes like IIFT have a vital role to
perform in meeting this demand.
"As a major economy, whose future is inextricable linked with the global economy we must ensure that our academic institutions analyse the contours of the new trading systems that are emerging in the world.
"The ever expanding role of WTO, Regional Trade Agreements and the new Free Trade Agreements that lie over the horizon should be areas of priority for IIFT," he said.Set up for research and training on foreign trade, the IIFT has evolved over the years to broaden its scope, which now encompasses the full spectrum of international business.Over 28 batches, IIFT has produced more than 4,000 professionals through its flagship MBA in International Business programme.
Singh expressed happiness that IIFT has performed the role expected of it with "great distinction".
The institute has been conducting research both as part of in-house research programmes and also at the instance of client institutions, which include central and state governments, various PSUs and international organisations like the World Bank, the FAO and the WTO.
It has also contributed to trade policy formulation in India, advising the government on negotiations in bilateral and multilateral preferential trade agreements.
The Department of Posts has issued a postal stamp to mark the Golden Jubilee of the IIFT.