First and foremost, see where you stand. You can download the past IIFT GK papers

As you would have seen from the two past year papers, there is a healthy mix of static General Knowledge and current affairs in the IIFT exam. The questions are quite reasonable in nature and are something which a reasonably well-informed person (not just an MBA-aspirant) should be aware of. The questions which are slightly off-beat are typically to do with International Trade and similar stuff. Well – it is called the Indian Institute of Foreign Trade. You can’t really blame them now, can you! And trust me – IIFT’s GK section is very well designed. There are MBA entrance exams that ask questions like – “How many hearts does an Octupus have?” In case you are thinking that I am joking – I am not. This was a question in SNAP 2012. While clearing the cutoff is the first goal, scoring well in GK can also do wonders for your overall chances of getting a call from IIFT. It is a section which will barely take 10 minutes and can really make a difference to your overall score. There are plenty of resources that are available on the web to improve your GK. You can also look at some books like the Manorama Yearbook and magazines like Competition Success Review.

Hope this helps