NEW DELHI: Australia’s Deakin University is the first foreign university to receive the International Financial Services Centres Authority’s (IFSCA) approval to set up an international branch campus (IBC) in the Gujarat International Finance Tec-City (GIFT city).
“The IFSCA has granted in-principle approval to Deakin University based on the recommendation of the committee of experts set up by the GIFT City Company Limited,” IFSCA, the unified regulator for International Financial Services Centres such as the GIFT city, said in a statement on Friday.
Finance minister Nirmala Sitharam spoke about the move to allow foreign universities in the GIFT city in her budget speech last year. “World Class Foreign Universities and Institutions will be allowed in the GIFT City to offer courses in Financial Management, FinTech, Science, Technology, Engineering and Mathematics, free from domestic regulations, except those by the IFSCA to facilitate availability of high-end human resources for financial services and technology,” she said.
IFSCA’s approval means that Deakin University’s branch at GIFT city will be able to offer the courses it offers in Australia in the areas of science, technology, engineering, mathematics and financial management to Indian and foreign students, the IFSCA statement said.
“It is expected that the entry of the first foreign university into GIFT IFSC will set the stage for many more institutions of global repute to follow going by the expressions of interest received so far,” the statement said.
“Apart from making available world class education within India, 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,” IFSCA chairman Injeti Srinivas said, according to the statement.