Deakin 1st foreign varsity approved to open campus in India

New Delhi: The International Financial Services Centres Authority (IFSCA) has given approval for the Deakin University of Australia to build an International Branch Campus (IBC) in India, making it the first foreign university to get the approval.

"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 identical or similar to that offered in the home jurisdiction," IFSCA chairperson Injeti Srinivas said on Friday, reports IANS.

The IBC is to be built in Gujarat International Finance Tec-City (GIFT City).

Srinivas further 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."

In the Budget 2022-23 speech, Finance Minister Nirmala Sitharaman said, "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".

According to IFSCA, creating world-class educational institutions in GIFT will help develop an advanced extended ecosystem. It will showcase available high-end human resources for institutions outside GIFT.