FM Nirmala Sitharaman inaugurates IIFT campus in Kakinada, Andhra Pradesh

Kakinada, Oct 29 (KNN) Union Finance Minister Nirmala Sitharaman on Friday inaugurated the third campus of the Indian Institute of Foreign Trade in Kakinada, Andhra Pradesh.

While addressing the inaugural ceremony, Sitharaman referred to 'One District-One Product' and 'Vocal for Local', initiatives, aimed at promoting local products and creating their export markets.

She said the Commerce Ministry was working on getting an export policy that would help the exporters by giving them incentives and promoting many things. 

"There's a repetitive and very relevant line that the Commerce Minister refers to 'We can't be exporting taxes. We also should identify ways in which those taxes, whether Centre, State or local, that are on these products should be removed so that we don't burden their exporters," the Finance Minister said.

She said the growing cost of electricity and logistics was also affecting the exports.

"With better roads and ports coming 'electronic facilitation for the customs operations coming' surely, the logistics element is being addressed little by little. State governments should also spend some time to see that logistics don't become a burden on exporters," she added.

"If you have the capacity to tell the kind of things you produce that are international class, our embassies are the place where you should be and target the markets there. Some of our States are the size of some European countries. We have the capacity even as a district to capture the market outside," she said.

She exhorted the IIFT students to have a comprehensive understanding of what was going on in the global trade areas.

"Multilateral institutions that govern trade have set the global norms. We should understand them. If anything, India's case should be put forward in a far more discerning, understanding way," she added.

Sitharaman asked students to widen their horizons and have a multi-disciplinary approach to studying the trade. The Finance Minister asked the IIFT Vice-Chancellor to ensure the institution actively engaged in India's trade.

The IIFT-Kakinada has been opened on a temporary basis on the campus of the Jawaharlal Nehru Technological University. IIFT's own campus on a 25-acre site at the Kakinada SEZ would be built at a cost of Rs 230 crore.  (KNN Bureau)