The Deakin University, a prestigious institution of higher learning in Australia, is the first foreign institution to have its application to establish an International Branch Campus (IBC) in GIFT-IFSC, GIFT City (Gujarat International Finance Tec-City), Gujarat, approved by the International Financial Services Centres Authority (IFSCA).
The establishment of world class educational institutions in GIFT IFSC will contribute to developing a robust extended ecosystem and make available high-end human resources to the financial institutions operating out of GIFT City. It will also promote deep collaboration between academia and industry resulting in financial innovations.
Deakin University becomes the first foreign university to set up its International Branch Campus in India at the GIFT City, Gujarat.@EduMinOfIndia
— Prasar Bharati News Services & Digital Platform (@PBNS_India) March 3, 2023
Finance and Corporate Affairs Minister 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 availability of high-end human resources for financial services and technology”.
Foreign institutions from all over the world have responded positively to the IFSCA’s notification of IFSCA (Setting up and Operation of International Branch Campus and Offshore Education Centres) Regulations, 2022, which is the single financial regulator for IFSCs in India.
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. By virtue of this approval, 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 degree offered shall be similar to that offered in the home jurisdiction.
Injeti Srinivas, Chairperson, IFSCA, said that, “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.”