Australia’s Deakin University has become the first foreign university that has been approved to set up its international branch campus in India, says the International Financial Services Centres Authority (IFSCA). The varsity will set up shop in Gujarat’s GIFT City.
IFSCA has received encouraging responses from reputed foreign universities from across the world, it said.
The approval has been granted based on the recommendation of the Committee of Experts set up by GIFT City Company Limited. Gujarat International Finance Tec-City (GIFT City) is a central business district, which is under construction in the Gandhinagar district of Gujarat.
Deakin University will be able to offer the same degree courses it offers in Australia in the areas of science, technology, engineering, mathematics and financial management in GIFT IFSC to both Indian and foreign students.
The announcement comes a month after Finance Minister Nirmala Sitharaman in her Union Budget 2022-23 speech announced that foreign universities and institutions will be allowed to offer courses in the GIFT City. The degrees offered shall be identical or similar to that offered in the home jurisdiction.
“Apart from making available world-class education within India (GIFT-IFSC), it is also expected to be a huge value proposition in terms of reduced costs for students with greater international employment opportunities. This will also lead to greater internationalisation of GIFT-IFSC by attracting students from all parts of the World,” said Injeti Srinivas, Chairperson of IFSCA.
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