Question

The Indian Institute of Foreign Trade was established in 1963 as an autonomous body under the Ministry of

• A. External Affairs
• B. Home Affairs
• C. Commerce and Industry
• D. Corporate Affairs

Hint:

IIFT is linked with foreign trade and commerce-related ministries.

Answer 1

The Correct Option is C

The Indian Institute of Foreign Trade (IIFT) was established in 1963 as an autonomous body with the objective of providing training and research in the area of international business and trade. It plays a crucial role in enhancing the skills and knowledge of professionals involved in foreign trade and international business by offering educational programs, research, and advisory services.

To determine under which Ministry it was established, let's examine the options given:

1. External Affairs: The Ministry of External Affairs primarily focuses on India's foreign relations and international diplomacy, not specifically on trade-related education and research.
2. Home Affairs: The Ministry of Home Affairs is responsible for domestic issues such as internal security, the police, and administration, and does not deal with foreign trade education.
3. Commerce and Industry: This is the correct Ministry under which the IIFT was established. The Ministry of Commerce and Industry is responsible for formulating policies and administrative functions related to trade, commerce, and industry in India.
4. Corporate Affairs: The Ministry of Corporate Affairs deals with corporate governance, company laws, and related matters, not foreign trade education.

Based on this analysis, the correct option is the Ministry of Commerce and Industry, which is directly related to trade and commerce, aligning with the vision and mission of the IIFT.