The second day got off to an electric start with the National Trade Summit, co-hosted by BLASH – The International Trade Club of IIFT, where titans of the industry gathered to provide their valuable opinions and insights on “Digital Transformation in the Trade World : The Implications”. We were honoured to host the esteemed panel consisting of Major Rajiv Yadav, Vice – President, COFCO International, Mr. Nikhil Goyal, Director, Deshbandhu Food and Beverage Limited, Dr. Sudhanshu, Deputy General Manager, APEDA and Mr. Prashant Reddy, Assistant General Manager, Archer Daniels Midland.
The discussion was moderated by Prof. Ram Singh, faculty at IIFT who specializes in International Trade Operations and Logistics. The discussion started with each of the esteemed guests delving deeper into the role of digitization in International Trade.
In the opinion of Mr. Rajiv Yadav, Vice President at COFCO International, digital agriculture is the way to go for farmers, commodity trading agencies as well as the government who could use digital media to connect with them, provide schemes and benefits.He strongly feels that today the world is moving towards a second agricultural revolution and one way to achieve this is to use Internet of Things and Big Data analytics so that we can feed the world by 2050.
Mr Nikhil Goyal, Director, Deshbandhu Group believes that two decades back, trade used to be in the hands of a limited set of people. Now with the advent of digital technology, this is changing rapidly.
Dr. Sudhanshu, Deputy General Manager at APEDA started off by talking about the implications of digitization on Indian trade. He went further to analyse Agri-Trade in India using a SWOT analysis and called for restructuring of the Agri-Trade business by saving cost, ensuring price control and reducing risk. he believes, “Our world is thriving towards a data driven economy. Digitalization in trade can improve the productivity of businesses and raise competitiveness”
Mr Prashant Reddy currently working as Assistant General Manager at Archer Daniels Midland stressed upon how globalization, digital infrastructure and startups are spear heading the adoption of new and better technology.In his opinion ,operations in trade have become more efficient and there is greater transperancy in supply chains.
The session ended with the unveiling of “Inside Trade”, the annual magazine of BLASH – The International Trade Club, which contains well researched articles on various international issues related to International Business such as Trade War, RCEP, Iran Nuclear Deal and NAFTA renegotiation. The students benefited immensely from the rich discourse that unfolded during the summit.