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NEW DELHI: The International Financial Services Centre’s Authority (IFSCA) and the two higher education institutions are in discussions on establishing separate "international branch campuses" in Gujarat's GIFT City, close to Gandhinagar. During his trip to Ahmadabad and Gandhinagar at the beginning of next month, Australian Prime Minister Anthony Albanese is expected to make a formal announcement regarding one of the two Australian universities that are ranked in the 250–300 range by the QS World University Ranking and the Times Higher Education World University Rankings.
World-class foreign universities and institutes will be permitted to provide courses in financial management, FinTech, science, technology, engineering, and mathematics in GIFT City "free from local laws," Finance Minister Nirmala Sitharaman first stated in her Budget speech last year.
IFSCA formally opened the application process for universities abroad. "We recently informed the application form. The two universities that are interested are in discussions with the committee of experts in education that has been formed for the job.
The Australian universities' interest comes as the University Grants Commission (UGC) draughts regulations for foreign educational institutions seeking to establish campuses in India. All of these potential initiatives, with the exception of those in GIFT City, will be subject to the UGC regulations instead of only the IFSCA ones.
The courses or programs that the foreign universities' campuses in GIFT City will provide, meanwhile, "must be identical in all aspects with the course or program" that they offer at their home institutions, according to the IFSCA's declared regulations. The requirements provide that the degree, diploma, or certifications must also be the same. Additionally, they must "enjoy the same status and recognition as if they were carried out by the parent business in its home country." The rules also permit foreign universities to return revenues from campuses they've established in GIFT City. The concept dates back to the 1990s, even though the NDA administration formally stated its support for the admission of international universities in the National Education Strategy statement in July 2020. Governments have attempted numerous times in the past to pass legislation governing the admission, operation, and regulation of foreign colleges in the nation. The first occurred in 1995 when a Bill was introduced but was unsuccessful. The draught law could only advance to the Cabinet stage in 2005–2006.
