Australia's Deakin University Becomes First Foreign Educational Institution To Get Nod To Establish Campus In India
Deakin University has received in-principle approval from IFSCA, following the recommendation of the Committee of Experts appointed by GIFT City Company Limited.
Deakin University, a leading university in Australia, has become the first foreign university to receive approval from the International Financial Services Centres Authority (IFSCA) to establish an International Branch Campus (IBC) in GIFT-IFSC, GIFT City, Gujarat.
Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman in the Union Budget 2022-23 announced that “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 the availability of high-end human resources for financial services and technology”.
The IFSCA, which is the unified financial regulator for IFSCs in India, notified IFSCA (Setting up and Operation of International Branch Campus and Offshore Education Centres) Regulations, 2022 in October, 2022, which has received encouraging response from reputed foreign universities from across the world.
Deakin University has received in-principle approval from IFSCA, following the recommendation of the Committee of Experts appointed by GIFT City Company Limited. This approval enables Deakin University to offer the same degree courses that it provides in Australia in the areas of Science, Technology, Engineering, Mathematics and Financial Management in GIFT IFSC, to both Indian and international students. The degrees offered will be identical or similar to those offered in the home jurisdiction.
The establishment of world-class educational institutions in GIFT IFSC is expected to create a robust ecosystem and provide high-end human resources to financial institutions operating out of GIFT City. Additionally, it will foster deep collaboration between academia and industry, leading to financial innovations.
The entry of the first foreign university into GIFT IFSC is expected to pave the way for other globally renowned institutions to follow suit, considering the expressions of interest received so far. This development is a significant step towards making GIFT City a hub for higher education and research and offers Indian students the opportunity to experience a global standard of education closer to home. It is also expected to contribute towards the growth of the education sector in India and enhance the country's position as a global education destination.
“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 Shri Injeti Srinivas, Chairperson, IFSCA.
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