The International Financial Services Centre Authorities (IFSCA) on Friday announced its approval to Deakin University of Australia to set up its campus in Gujarat's GIFT City, thereby making Deakin the first foreign university that will set up its International Branch Campus (IBC) in India.

"We have given approval to Deakin University to set up its campus in GIFT City," chairperson of IFSCA Injeti Srinivas said. 

“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," Srinivas added. 

This approval allows Deakin University to offer the same degree courses it offers in Australia in the areas of Science, Technology, Engineering, Mathematics, and Financial Management to Indian and foreign students in GIFT IFSC. The degree offered will be identical or similar to that offered in the home jurisdiction, the IFSC Authority stated. 

Notably, this historic move is a result of FM Nirmala Sitharaman's announcement in the Union Budget 2022-23 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 availability of high-end human resources for financial services and technology”.

"Setting up of world class educational institutions in GIFT IFSC will also promote deep collaboration between academia and industry resulting in financial innovations," it added. 
 

Image courtesy: Representative image