Gujarat is encouraging well-renowned foreign universities to introduce their campuses in the GIFT city. Meanwhile, the centre also communicates with legislative bodies by saying that the campuses will be free to deliver the profits to their parent campuses.
Reason Behind Foreign Varsity
To enhance the quality of the Indian education Indian government and Education Ministry has implemented innovative ways to improve the country’s education system. While prioritizing education, the Education Ministry has recently framed specific guidelines for expanding IITs in foreign countries.
With the expansion of IITs, Indian education will be renowned globally, and the IITs in foreign countries will bring a reasonable amount of royalty to its parent institutes.
Similarly, International Financial Services Authority (IFSCA), a GIFT city’s regulatory body, came into the picture when the UGC (University Grants Commission) was drafting the norms and conditions for foreign educational institutions that want to initiate their campuses in India.
The IFSCA regulations will allow foreign institutes to bring a reasonable royalty from the campuses that will be introduced in GIFT city.
Norms and Conditions
It has been observed that more than ten lakh students go abroad from India for their higher education. The demand is rising for foreign education, and to cater for the demand, the IFSCA is setting up well-renowned foreign campuses in Gujarat’s GIFT city.
However, the UGC has framed specific guidelines for these foreign universities, and the norms are-
- Foreign universities and institutions should be among the top 500 QS World Universities.
- The universities must place suitable infrastructure and facilities to offer Financial management, Fintech and STEM (Science, Technology, Engineering, and Mathematics) courses.
- Parent institutions are allowed to repatriate profit without any restrictions.
- The courses offered by these institutes would be identical to the parent institution’s courses.
- The IFSCA have the right to inspect the foreign institutes set up in Gujarat’s GIFT city.
The set up of foreign campuses in Gujarat’s GIFT city will allow India to retain and flourish the talent within the country.